Oltchim has concluded or plans to conclude, this week, 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 will be concluded are 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.
Discussions with other bidders are still ongoing.
The completion of transactions under these contracts is subject to certain conditions to be met, including the final approval by the general meeting of the company’s creditors, which is to finalize the selection of bidders.
Oltchim’s reorganization plan envisages the sale of the plant for at least EUR 307 million. Oltchim has entered insolvency proceedings on January 30, 2013, and the consortium made up by Rominsolv SPRL and BDO Business Restructuring SPRL was appointed as official receiver.
Oltchim has reported a turnover of over EUR 100 million and a profit of EUR 6.1 million in the first six months of 2017.