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April 12, 2021
BUSINESS

Three offers for Oltchim, two from China and one from Europe

* Three companies are interested in privatizing the Oltchim plant in Ramnicu Valcea, two from China and one from Europe, Economy Minister Mihai Tudose stated on Friday.

 

“The privatization (of Oltchim – editor’s note) is on its way. We have three bids for Oltchim as it is now. We haven’t talked about selling it in parts or so forth. Yesterday and today the representatives of a Chinese consortium are visiting Oltchim. The moment we have the clear letters of intent the next stage will be the sale,” the Economy Minister pointed out.

He said that so far two companies from China and one from Europe have shown interest.

The General Assembly of Oltchim’s Creditors approved on March 9 the reorganization plan proposed by the consortium of trustees in bankruptcy that consists of BDO Business Restructuring SPRL, and the plan was forwarded for approval to the syndic judge on March 25.

The minimum starting price of the negotiation in the tender procedure is EUR 307 M the document points out.

Oltchim has been insolvent for the past two years and its privatization has been attempted several times without success, the latest deadline being December 15 when no investor showed interest in buying the plant that has historic debts of approximately EUR 800 M.

The plant is owned by the state through the Economy Ministry which holds 54.8 per cent of its shares, followed by PCC SE with 18.3182 per cent of the shares, Polyolt Holding Limited (14.0251 per cent) and other shareholders (juridical persons – 1.4832 per cent; physical persons – 11.3673 per cent).

 

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