A restructuring plan of Croatian Railways (HZ) Holding was presented yesterday, and the plan will cost estimated HRK 50bn
A restructuring plan of Croatian Railways (HZ) Holding was presented yesterday, and the plan will cost estimated HRK 50bn. The bulk of this – HRK 45bn – are infrastructural upgrades and modernization projects. The plan was introduced by transport minister S. Hajdas Doncic and company chairman R. Valcic, who said that without this plan, which is already running late, there would be no HZ. The system which currently employs 17,482 people should eventually be downsized by 4,500. It is on the basis of this plan that talks were conducted with the WB and the EBRD about financing severance pays and modernization. The most comprehensive restructuring plan for a state-owned enterprise in Croatia should be implemented fully by 2017. The liberalization of railway services in Croatia will begin in July 2013, and the state wants to strengthen HZ Passenger Transport and HZ Cargo by then.