Romania's state postal company will be restructured and sold off

Romania's government on Monday launched the restructuring and privatization process of the state postal company.

The Ministry of Communication and Information Technology said in a statement it was inviting bids from international consulting firms to assist in the restructuring of the company and international banks who want to advise in the privatization of the company.

The government plans to sell the Romanian Post by 2008. About 25 percent of the state-owned stock would be transferred to a fund that compensates people whose property was confiscated during the communist regime.

The company has more than 35,000 employees and thousands of offices around the country. AM