PCC SE, private shareholder in SC Oltchim SA Ramnicu Valcea with a participation of 32.3432 pc of the capital, unveiled yesterday in a press conference its own concept of reorganising the plant. “We experience a very difficult situation: we know that the state aid will not be granted, banks turn down any financing request now, no restructuring plan has been presented so far and most operations are stopped. Only the caustic soda section works at reduced capacity – under the profitability threshold – as well as the polyol section,” said Wojciech Zaremba , the PCC SE representative in Romania.
The concept of the reorganisation plan has several targets: to save the plant and to increase the value of Oltchim SA, also to prepare it for privatisation and allow creditors to recover as much as possible of their claims. “Each SPV will receive the necessary assets and the adequate personnel, along with part of the debts. The debts towards the State (AVAS and state-owned companies) will remain in the mother company. The assets not allocated – or used in common – will be transferred to a separate SPV and will be later used in common by SPV, or they will be sold,” the PCC official added. The proposal will turn Oltchim into a holding company, by forming 9-12 Special Purpose Vehicle (SPV) companies, reducing the number of employees by approximately 1,000, in parallel with privatising the company, the PCC SE official explained. “The structure proper implies a number of production SPVs that can be privatised, controlled by Oltchim SA, as follows: soda, oxo-alcohols, polyols, the petrochemical division of Arpechim, as well as the PVC and VCM installations.
The support services, including canteen, polyclinic, transport etc. will be, in turn, organised as SPVs which can operate independently. “The incomes obtained from the sale of support service SPVs can provide part of the working capital needed by production SPVs,” Zaremba added.For the 2013-2017 interval, PCC calculated that the state budget will register losses of minimum RON 512.3 M. “In our opinion, it is irrelevant who comes with the solution, as it is most important what solution can be implemented the best way. There is much information about existing plans and solutions, but time passes and we are in the same situation. Our presentation can be used by Romanian authorities and the judicial administrators starting tomorrow,” Wojciech Zaremba added.
Oltchim ended 2012 with current losses of RON 406 M and has total debts nearing EUR 793 M, as demonstrated by the Preliminary Table of Creditors, the PCC official added. To conclude, PCC wants to attract volunteers that want to contribute to the reorganisation plan of the Valcea-based chemical works, and also considers the variant of participation in the privatisation of the company jointly with businessman Stefan Vuza, the majority shareholder of Chimcomplex, but no agreement was reached until now, said the representative of PCC SE in Romania, Wojciech Zaremba.