FP – MCSI talks failed: Insolvency instead to capitalization for Romanian Post

Fondul Proprietatea (FP) hinders Romanian Post’s capitalization, the only alternative submitted by the minority shareholder for the rescue of the national postal operator being the insolvency, the Ministry of Communications and Information Society (MCSI) informs in a press release          .

This is the conclusion after Wednesday’s meeting between the Minister of Communications, Lucian Sova and the FP delegation, the minority shareholder of the ‘Posta Romana’ National Company (CNPR) – ”the latest actions undertaken to capitalize the national operator of postal services and the last effort in attracting the Fund in the capitalization process.”

Thus, the Wednesday discussions have failed.

”Johan Meyer, Co-CEO and Portfolio Manager of Fondul Proprietatea, proposed the company’s insolvency as an alternative to capitalization, despite the efforts of the Romanian state to invest RON 170 million in CNPR’s capitalization and the fact that the company will end this year on net profit,” the release reads.

Lucian Sova states that FP shows lack of pro-activeness, including in support of the interests of its shareholders.

Also on Wednesday, Minister Lucian Sova met with a delegation from the European Bank for Reconstruction and Development (EBRD), discussing about a financing program for the Romanian Post.

In this context, it was decided to start new financing lines for the company, to which other institutional and commercial financiers would contribute to. For this, they both agreed to give up exclusiveness, so that talks with other financiers could be opened.