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The Ministry of the Economy, the main shareholder of "Avioane Craiova", decided on the terms of the program for the restructuring of the company, according to a press release sent to the Bucharest Stock Exchange on Friday.
Thus, the steps for restructuring the company, which include among other things the layoff of half the employees, will only be implemented provided they do not affect the company"s defense production capabilities and its ability to provide after sales-service for all the products delivered to the Ministry of Defense.
"A decision on the number of employees which will be laid off next year will be reached after discussing the issue in a board meeting", the company announced.
Furthermore, the company"s costs for the restructuring plan may not exceed the revenue and expenditure budget for 2009.
The plan for the reorganization of the company comes after the tender submitted by Italian based "Alenia Aeronautica" expired without the two parties successfully reaching an agreement.
"Avioane Craiova" is listed on the Rasdaq tier of the Bucharest Stock Exchange with the symbol AVIO. Shares of the company rose 36.67% in the last trading session to 6 lei/share, putting the company"s market cap to 5.49 million lei.
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