The financial crisis of ARMO has created a huge debate between the
government and the creditors of this society. Some of ARMO’s assets were
seized by the Bailiff Office due to their huge debts, but there are
other creditors too.
One of ARMO’s main asset, the Fier Refinery, was placed for sale. The auction failed but the efforts seem to have created a legal debate.
ARMO is a society that operates in a strategic sector. The existing law says that no bankruptcy can be filed by strategic sectors.
The leaders of the Special Inter-Ministeral group claim that this article bans creditors and banks from taking actions against the strategic status of the company. The sale of the most important assets, such as the refinery, would damage this status and would raise questions about the legality of the auction.
ARMO has turned into a hot topic. The company currently has 470 million USD of debts, 220 million to the Tax Office and the rest to third parties, specially banks. The big exposure of banks makes the situation even more delicate.
For this reason, by order of PM Rama, a special work group was established two months ago, with representatives from several ministries and from the State Advocacy. Within a few days, this group will send to government a document that will propose ways to resolve the crisis. One of the most mentioned options is passing the company under government control once again.
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