Piperea said the reorganization plan includes the setup of a special purpose vehicle called Oltchim SPV that would include assets, licenses, authorizations and the personnel, so that investors could buy the equity shares.
RomInsolv representative said the company’s situation has already started to improve. Thus, Oltchim currently operates at 30% of capacity and has a monthly turnover of EUR15 million and EBITDA worth EUR700,000 euro, compared with 2012, when it operated at 80% of capacity and posted monthly losses of EUR5 million.
Oltchim, 54.8% owned by the Economy Ministry, halted operations in August 2012 in preparation for a privatization attempt, which failed after the auction winner refused to pay the price agreed with the authorities.
Oltchim registered a 25% higher turnover in 2014, of EUR141.19 million, largely due to higher exports and lower crude oil prices. The company’s good performance is due to regaining foreign clients’ trust, by supplying quality products, and to lower crude oil prices, Oltchim said in a statement sent to the Bucharest Stock Exchange.
Oltchim’s judicial administrators are Rominsolv and BDO Business Restructuring.