Oltchim’s restructuring plan has been approved


Valcea Court has approved the reorganization plan for Oltchim Ramnicu Valcea last month, said lawyer Gheorghe Piperea, one of the company’s receivers. The court had ordered the postponement of discussions on the reorganization plan from March 25 to April 22, after Electrica Furnizare had filed an appeal, but in the end the appeal was rejected. Oltchim creditors approved on March 9 the reorganization plan for the Valcea plant. The plan aims at selling the plant to a private investor. According to the reorganization document, the turning into account of Oltchim’s patrimony and business will be achieved by transferring the Oltchim business and assets to a Romanian legal person (Oltchim SPV SRL) as sole-associate for Oltchim SA, with legal personality distinct from Oltchim SA and having integral contribution constituted by the latter as contribution in kind and cash and transfer of shares to be held by the debtor in the Oltchim SPV to the investor. The minimum starting price for negotiation in the process of selecting the winning bid for acquiring shares of Oltchim is EUR 307 million, reads the document.

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