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September 24, 2020
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There are three serious investors that can save Oltchim, premier says

The sustainable part of Oltchim can be rescued by the restructuring which comes along with insolvency, because three “serious” investors exist, with financial and industrial resources, which can secure the long-term sustainability of the company, PM Victor Ponta said Friday, quoted by money.ro. “The idea is that at Oltchim, same as at Hidroelectrica, we must take a company that was heading towards bankruptcy and make it viable. Hidroelectrica was going bankrupt, now it makes profit, although restructuring is being done, sometimes painfully. Oltchim can be stopped from running bankrupt, the viable part of Oltchim can be rescued and then we can find an investor” Ponta said.In his turn, the Minister of Economy, Varujan Vosganian said that the International Monetary Fund (IMF) has a pessimistic vision of Oltchim. “The Monetary Fund and the European Commission probably also took in consideration the previous experience. (…) I explained that Oltchim is one of the most important units of Central and Eastern Europe with this regard, and there is a good market,” Vorganian explained. After talking on Friday with banks and those who drafted the report ordered by banks, the conclusion was that, technologically, although not up to date, Oltchim still retains some form of competitiveness and can sell its products on the market, he mentioned. According to the government official, concerning his component there is no inadvertence between the ministry and the IMF officials about the short-term horizon. “Regarding the private management and its scheduling on phases, I came to express this mandate of the Ministry of Economy that we agree with the Fund in the short-term horizon. There are several small observations about how the text was conceived and I am sure we will agree on it,” the minister of Economy explained.

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