Angela Popil, a member of the Organisation for the Development of Entrepreneurship with expertise in economic and/or financial law, spoke about the progress of the reorganisation in the context of the commitments made as part of the collaboration with the EBRD. According to her, the valuation of CFM’s entire assets has been completed, not just those to be transferred as part of the reorganisation.
Furthermore, the process of writing off assets that were due to be written off but had not been for more than 30 years has been completed. A technical assessment was carried out on part of the assets to determine their useful life.
“Because, according to the balance sheet, they had a value of zero and zero depreciation, we had to extend the depreciation period, as they can still be used,” said Popil.
The results of the valuation are currently being incorporated into the accounts. A projection of the allocation balance sheet as at 30 September 2026 is to be prepared by the end of September. On this basis, the transfer deed will be drawn up and procedures regarding the articles of association and the registration of the companies will be initiated.
Between 1 and 25 November, the process of issuing shares with the National Commission for the Financial Market is due to be finalised.
Employees are promised that their rights will be safeguarded
The reorganisation also involves the transfer of staff and the drawing up of a new organisational chart, in accordance with the provisions of the Labour Code and the guarantees for employees.
“Every single CFM employee has been notified, in accordance with the Labour Code, about the reorganisation and the possible transfer,” said Popil.
The split of CFM into the two companies is being carried out in several stages. In February 2026, the Government decided to separate the transport operations and establish the public limited company “CFM Passengers and Freight”. To transform the remaining part of the company, responsible for infrastructure management, into SA “CFM-Infra”, the Government subsequently approved a special draft law. The draft law sets out the legal framework for accelerating the reorganisation, including provisions regarding the valuation of assets, relations with creditors, tax liabilities and the transfer of rights and obligations. The document is due to be adopted by Parliament.
According to CFM Director Serghei Colesnic, the company currently owes 83 million lei to various businesses. Of this amount, 60 million lei is owed to the National Lottery of Moldova. He stated that this debt had accumulated previously, including to cover outstanding salary payments.
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