Oltchim privatization aimed again
Oltchim official receivers (BDO Business Restructuring and RomInsolv) have announced that the company’s reorganization plan, insolvent for almost two years, involves the sale to a private investor, the solution attempted unsuccessfully again and again. Lawyer Gheorghe Piperea, partner with RomInsolv, said in a press conference that the sale of the plant stands no longer under the pressure of time. “Selling Oltchim is no longer under the pressure of time. In addition the plant is no longer a patient in a coma, but it has been stabilized and is recovering. For this reason, we can say that the reorganization became an opportunity and not a way to rescue it from bankruptcy. We are further ruling out the possibility of bankruptcy.” According to Gheorghe Piperea, Oltchim has registered a good evolution in recent months and has regained credibility as a business partner. Oltchim Consortium official receivers filed on February 5, to the Court of Valcea, the plant’s business reorganizational plan. The plan aims to obtain the best sale price for Oltchim SPV, a viable company, deeply restructured, able to finance itself and achieve performance on the petrochemicals market,” he said. In the two years of insolvency, Oltchim accumulated debts of about EUR 50 million.