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PwC Romania and PwC affiliate, the Bucharest-based law firm D&B David and Baias, have acted as consultants to airline company TAROM SA and its majority shareholder, the Transport Ministry, in all the stages of the process of obtaining the approval of the European Commission's Directorate-General for Competition for a 36.71 million euro rescue state aid, D&B David and Baias said in a release on Thursday.
"The PwC Romania and D&B David and Baias team has participated in all the stages of this process, from the opportunity analysis to identifying state aid as the solution capable of rendering TAROM efficient and the drafting of the notification to the European Commission," said D&B David and Baias coordinating partner Sorin David.
According to him, the team took part in the pre-notification process, ensuring the efficient coordination of all the parties involved.
"Having in view of the urgency of obtaining the liquidities for TAROM SA to continue its activity, both the pre-notification process and the notification process were carried out extremely fast, with the provision in a short time of complex information on a multitude of legal and financial aspects, and entailing special efforts from all those involved. For this reason, we are proud that the European Commission has approved the state aid," said Adrian Ster, D&B David and Baias partner and coordinator of the competition and state aid practice.
The representatives of PwC Romania and D&B David and Baias said that they will continue to provide consultancy to TAROM during the design of the restructuring plan and the procedure for the approval of the restructuring state aid.
The European Commission announced on Monday, February 24, that plans to grant TAROM a temporary state loan are compatible with EU regulations and will help ensure the orderly continuation of flight services, in the interest of air passengers and maintain regional connectivity on the numerous routes where TAROM is currently the sole provider.
PwC is represented by a network of firms in 158 countries with more than 276,000 professionals who provide quality services in the field of audit, tax consultancy and business consulting. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity.
D&B David and Baias is the PwC affiliate law firm in Romania and is part of the international PwC Legal network, which comprises more than 3,000 lawyers in over 90 countries. The D&B David and Baias law firm has a 50-strong team of lawyers, including 7 partners, that provides legal consultancy and assistance to local and multinational companies in areas such as: mergers, acquisitions and restructuring, trading companies and groups of companies, real estate, competition and state aid, financial services and capital markets, other.
