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Costin Borc (minister of Economy): Binding offer for Oltchim by year-end

23 September 2016

Economy minister Costin Borc reiterates the possibility of obtaining a binding offer for Oltchim Ramnicu Valcea, without specifying whether there are already negotiations or any group interested in taking over the insolvent chemical plant.

“By the year-end I think we’ll have a binding offer from an investor, foreign or Romanian. The climate is very good now to find an investor to continue to develop the viable part of Oltchim”, said the minister of Economy.

According to a statement, the Economy Minister has met Tuesday the Oltchim’s insolvency managers and the plant management to discuss the status of the sales process in the context of the insolvency of the company.

On this occasion, Minister Borc said that, since the launch of the sale, important steps were made by Oltchim to ensure a transparent and non-discriminatory process. In this regard were sent to over 160 entities general information about the company and by the end, they have time to express their interest in buying to enter the next phase of the sales process, according to Agerpres.

“The option chosen, the sale of packages of assets offers potential purchasers the legal security in accordance with the specifications of the current form of the reorganization plan and the additional constraints derived from the requirements of regulations on state aid, but on the other hand can ensure both successful sale of the company, creditors and maximize revenues in this process “, says Ministry of Economy.

Petrochemical plant Oltchim Ramnicu Valcea is put on sale through nine asset packages and interested parties are invited to submit expressions of interest until 30 September 2016 for any of the packages, including for all.

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