The Croatian government has approved a debt-for-equity swap for HZ Cargo. The measure is aimed to help with the financial consolidation and restructuring of the state-owned rail freight carrier. The swap has a value of 974.9 million kuna (129.3 million euro) and will result in a an increase of HZ Cargo’s capital to 1.5 billion kuna (198.9 million euros).
Earlier this month, the Croatian authorities submitted to the European Commission a program for the restructuring of HZ Cargo, which employed 2,100 at the end of April. The restructuring of HZ Cargo will continue this year and a new attempt to sell the company may be considered.
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