{"id":207017,"date":"2025-04-28T19:49:04","date_gmt":"2025-04-28T09:49:04","guid":{"rendered":"https:\/\/www.railfreight.com\/?p=61924"},"modified":"2025-04-28T19:49:04","modified_gmt":"2025-04-28T09:49:04","slug":"cfr-marfa-enters-insolvency-proceedings","status":"publish","type":"post","link":"https:\/\/www.vibewire.com.au\/?p=207017","title":{"rendered":"CFR Marf\u0103 enters insolvency proceedings"},"content":{"rendered":"<p><strong>Romanian state-owned rail freight operator CFR Marf\u0103 is entering insolvency proceedings. The company is severely indebted, with its fate being near-certain: liquidation. Insolvency proceedings are likely a way to postpone the inevitable.<\/strong><br \/>\n<span id=\"more-61924\"><\/span>The transport ministry approved CFR Marf\u0103\u2019s request for insolvency after it obtained approval from the operator\u2019s shareholders. With the company\u2019s entry into insolvency proceedings, it is leaving a five year-long state of negotiations with its creditors.<\/p>\n<p>Under Romanian law, those negotiations (\u201cConcordat preventiv\u201d) gave CFR Marf\u0103 the opportunity to find a way out of its financial problems without entering into official insolvency proceedings. That has evidently been unsuccessful, and contrary to no one&#8217;s expectations. The company owes hundreds of millions of euros to the government after the European Commission declared its state aid illegal. CFR Marf\u0103&#8217;s main creditor has already officially established a successor to the rail freight operator &#8211; Carpatica Feroviar.<\/p>\n<figure class=\"wp-caption alignnone\"><img fetchpriority=\"high\" decoding=\"async\" class=\"fluid wp-image-57253 size-full\" src=\"https:\/\/www.railfreight.com\/wp-content\/uploads\/2024\/10\/Scherm%C2%ADafbeelding-2024-10-17-om-15.02.22.jpeg\" alt=\"\" width=\"1360\" height=\"1120\" srcset=\"https:\/\/www.railfreight.com\/wp-content\/uploads\/2024\/10\/Scherm\u00adafbeelding-2024-10-17-om-15.02.22.jpeg 1360w, https:\/\/www.railfreight.com\/wp-content\/uploads\/2024\/10\/Scherm\u00adafbeelding-2024-10-17-om-15.02.22-480x395.jpeg 480w, https:\/\/www.railfreight.com\/wp-content\/uploads\/2024\/10\/Scherm\u00adafbeelding-2024-10-17-om-15.02.22-768x632.jpeg 768w, https:\/\/www.railfreight.com\/wp-content\/uploads\/2024\/10\/Scherm\u00adafbeelding-2024-10-17-om-15.02.22-1024x843.jpeg 1024w\" sizes=\"(max-width: 1360px) 100vw, 1360px\" \/><figcaption class=\"wp-caption-text\">CFR Marf\u0103\u2019s debt skyrocketed after the European Commission ordered the return of over half a billion euros in illegal state aid. Image: Infogram. \u00a9 RailFreight.com<\/figcaption><\/figure>\n<h2>Liquidation<\/h2>\n<p>CFR Marf\u0103 now heads into the next stage to buy time before its seemingly inevitable liquidation. The insolvency proceedings are expected to end with the sale of the company\u2019s assets to Carpatica Feroviar and the disappearance of CFR Marf\u0103. The new operator is supposed to take over its predecessor\u2019s business, without taking on the company\u2019s multimillion euro debt.<\/p>\n<aside class=\"readmore\">\n<div class=\"readmore-item\"><a href=\"https:\/\/www.railfreight.com\/business\/2024\/10\/17\/romanias-controversial-plan-to-save-state-rail-freight\/\"><img decoding=\"async\" src=\"https:\/\/www.railfreight.com\/wp-content\/uploads\/2024\/10\/shutterstock_2508816309-128x128.jpg\" alt=\"\" class=\"readmore-thumbnail\" \/><\/a><\/p>\n<div class=\"readmore-info\"><a href=\"https:\/\/www.railfreight.com\/business\/2024\/10\/17\/romanias-controversial-plan-to-save-state-rail-freight\/\" class=\"readmore-title\">Romania\u2019s controversial plan to save state rail freight<\/a><\/div>\n<\/div>\n<\/aside>\n","protected":false},"excerpt":{"rendered":"<p>Romanian state-owned rail freight operator CFR Marf\u0103 is entering insolvency proceedings. The company is severely indebted, with its fate being near-certain: liquidation. Insolvency proceedings are\u2026<\/p>\n","protected":false},"author":13,"featured_media":57253,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[72,13964,13681,47,3341],"tags":[12634],"class_list":["post-207017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-carpatica-feroviar","category-cfr-marfa","category-rail-news","category-romania","tag-railfreight"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/posts\/207017","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=207017"}],"version-history":[{"count":3,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/posts\/207017\/revisions"}],"predecessor-version":[{"id":207755,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/posts\/207017\/revisions\/207755"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/posts\/57253"}],"wp:attachment":[{"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=207017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=207017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=207017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}