The Romanian state is pressured from all sides to reorganise thecompanies under its management. Although the IMF asks forprivatisations or bankruptcies and foreign investors want to bringthe companies to the stock exchange, professional management oreven for the sale of majority stakes to be resumed, the Romanianstate hesitates to make concrete decisions.
However, the few managers of state companies who do know theirfield complain that the boards of directors, where the majordecisions involving companies are made, have as members people whodo not understand anything, but belong to the right party.
In 2009 the top ten state companies by losses posted losses ofnearly 700 million euros, among which are CNH and Termoelectrica.The social costs that come with the restructuring of thesecompanies have proven hard to take on by the authorities.
"We are trying to not waste any time, but we are progressingwith small but sure steps. We are hoping to relaunch theprivatisation process through the capital market," said the head ofthe Office for State States and Industry Privatisation (OPSPI),Victor-Vlad Cazană, at the Mediafax Talks about RestructuringLoss-Making Companies conference.
So "small, but steady" were the steps taken in this direction bythe Romanian state that the last listing occurred in 2007,Transgaz's. Romgaz, Hidroelectrica and Nuclearelectrica have beenwaiting for years to be listed, but with the onset of the crisis,these plans remained at the stage of talks.
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