Cheaper WTC management

The agenda of the next World Trade Center Bucharest Board of Directors meeting includes the review of a new organisational structure, which entails, among others, shedding some of the management positions in order to cut costs. This is an attempt to repay the debts to the crediting banks as soon as possible, Mircea Ursache, Banking Assets Resolution Authority (AVAB) deputy chairman and chairman of WTCB’s Board told Ziarul Financiar. “If the foreign shareholders reject this plan, we will suggest moving on to forced execution right away and auctioning off WTCB’s assets,” Ursache explained. The loan contracted for the construction of the complex and secured by the Finance Ministry has not been repaid in full yet, so that this decision could bring the early exaction of the credit. This means the Romanian State will have to pay the remaining amount in full, because WTCB’s resources are not enough to cover it. ZF