The fiscal receivables accumulated by the Ministry of Public Finances from Rafo Onesti and Carom up until 31 October 2004, comprised of taxes, fees, contributions and other fiscal revenues, are to be taken over by the State Assets Resolution Authority (AVAS).
The same will happen for the receivables from the two entities held by the Iasi County Customs Department.
The decision was brought into law by an emergency ordinance drafted by the Ministry of Finance, the Ministry of the Economy and Trade, AVAS and the National Control Authority and endorsed during the Government session on Thursday.
AVAS chairman Mircea Ursache says the receivables the Authority will take over are worth around 15,000bn ROL, of which some 8,000bn ROL represent Carom's debts.
Ursache explained that the International Monetary Fund (IMF) had endorsed this measure previously and that the memorandum agreed upon with the IMF, which provides for Rafo's bankruptcy, would be modified.
"We are talking thousands of workers and their families here, large amounts of money made from exports, side effects, such as the value added tax on the products and services related to the activities on that platform and significant revenue for the local budget," the AVAS chairman said, explaining the decision made by the government.
He added that a decision on the receivership plan for Rafo Onesti was due to be taken by the general meeting of lenders and that, as far as he was concerned in his position as new creditor of that company, he did not agree with the current version of the plan, which stipulated debts should be swapped at the par value of the shares, 25,000 ROL.
Ursache did not rule out the possibility of swapping the debt for equity, but only if that was done at market value.
"I have asked widely, including the Ministry of Finance, for input on the viability of the receivership plan, and it is to be amended accordingly. I cannot agree to such a plan because simply agreeing to the debt-for-equity swap at the par value of the shares would mean state aid. If I am to approve this reorganisation plan, then I will do it at the market value of the shares," Ursache said.
The current majority shareholder of the two companies is Balkan Petroleum, a company registered in the UK.
In mid October, the Bacau Court of Law sustained in principle the reorganisation plan submitted by the owners of the refinery, after the Bacau County Public Finance Department filed to start receivership and bankruptcy procedures in order to collect a 7,673bn ROL debt to the state.
The fate of the company is to be decided on November 24, when the 700 creditors will meet to decide on the reorganisation plan.
The plan proposed by Balkan Petroleum sees Rafo merge with synthetic rubber maker Carom Onesti and the two company's debts swapped for equity, whereby the state would become the majority shareholder of the newly created entity.
razvan.voican@zf.ro
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