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Bucharest
October 1, 2020
BUSINESS

Oltchim reaches foreclosure stage

The Oltchim plant has reached the stage of foreclosure in what concerns a large part of its installations located on the petrochemical platform in Pitesti. According to an announcement made by Emilia Mateescu, the court enforcement officer, the public tender for 1,000 installations located on the petrochemical platform will take place today at 10 AM. The goods are put up for sale because Oltchim owes EUR 7 M to Polchem Societe Anonyme, a supplier of raw materials. According to Constantin Roibu, Oltchim’s former general manager, Oltchim will not manage to obtain that sum if the installations are sold for scrap metal. The debt for which installations worth EUR 42 M were mortgaged was a current debt that had no deadline. Since there was no deadline the debt had to be paid when the products were billed. Given that fact, the supplier can resort to foreclosure at any point. The contracts were signed at the end of June even though at that time it was known that Oltchim could have been closed down at any moment, which in fact happened in August.

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