CFR Marfă is the state-owned freight railway business of Romania.[1]
Formerly the freight division of Căile Ferate Române (CFR), it was separated in 1998 to become a semi-independent business.
In April 2013, under pressure from the IMF to reform the state sector,[2] the Romanian government offered to sell a 51% stake in CFR Marfă[3] In May 2013, three bids were received; from OmniTRAX, SC Grup Feroviar Român, and a partnership between Transferoviar Grup and Donau-Finanz.[4] The government rejected all three bids.[5] In September 2013, the 51% stake in CFR Marfă was sold to Grup Feroviar Român for €202 million, although complete payment would be deferred until the deal is approved by competition authorities.[6]
CFR Marfă is making heavy losses. In 2013, it expects to lose €47 million; it lost €20 million in 2012 on earnings of €288.8 million. It has not posted a profit since 2007.[7] As part of the privatisation, the Romanian government has allocated CFR Marfă 606 million lei (€137 million) of rail infrastructure debts.[8]
