Privatisation of Oltchim fails for the fourth time this year

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The privatisation of Oltchim has failed again, as no investor showed intention by December 12, 2014, the time limit. It is for the fourth time this year that the privatisation fails. The previous term was June 6, 2014.

No investor showed interest until March 28, the previous time limit. In January 2014 the term for receiving offers had been extended until March 28.

By March several investors seemed to show interest in the business, however none of them filed offers. The investors at the time were: a Chinese consortium made up of Baota Petrochemical Group and Junlun Petroleum; businessman Stefan Vuza, owner of Chimcomplex Borzesti; SIF Transilvania; a Swiss investment fund.

Oltchim was placed in insolvency procedure on January 30, 2013. The judicial reorganisation strategy proposed by the special administrators was aiming at the setting up of a new company, Oltchim SPV and at the expected offers. Oltchim SPV should have taken over the viable assets from Oltchim SA. It was however unclear which assets were considered as viable.

Another attempt to privatise Oltchim failed in September 2012.

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