Oltchim creditors approve the acquisition of assets by Chimcomplex for EUR 127 million

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The General Meeting of Oltchim SA creditors has approved the sale of assets (Packages 1-5 and partially 7) according to the contract concluded between Oltchim SA – as seller, Chimcomplex SA Borzeşti – as buyer and Romanian Commercial Services SA – as the Guarantor, including the transaction price (without affecting the possibility of additions and technical adjustments to the Transfer Protocol drafts and to the contracts included in the appendices, in view to finalize the sale), capital.ro informs.

The information is included in a communiqué released on Tuesday by the consortium of receivers made up by BDO Business Restructuring and Rominsolv. The value of the transaction through which Chimcomplex owner Ştefan Vuza acquires the assets of Oltchim is EUR 127 million.

Oltchim’s official receivers announced the Bucharest Stock Exchange (BVB) on October 25, in a press release, that the only bidder who has signed a sales contract for the company’s asset packages 1-5 and partly 7 packages that imply the company’s operations, is Chimcomplex Borzeşti.

The White Tiger investment fund, which submitted an offer to acquire much of Oltchim’s assets has withdrawn and hasn’t signed the contract with the Romanian state.

Oltchim planned to conclude, in October, with three bidders, sales contracts for nine asset packages of the company put up for sale during the company’s reorganization phase of the insolvency proceedings. The three companies with which contracts were to be concluded were Chimcomplex S.A. Borzesti, company owned by businessman Ştefan Vuza, regarding the asset packages no. 1-5 and partly 7; Dynamic Selling Group S.R.L., manufacturer of PVC profiles, regarding the asset package no. 6; White Tiger Wealth Management Ltd, investment fund, on asset packages no. 1, 3-5, 7, 8 and partly 9.

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