Administrators on Tuesday filed with the local court a report on the state of implementation of the reorganization plan of Oltchim S.A. Business, the term of which expired Monday. They asked the court to order the opening of the bankruptcy procedure against Oltchim.
Oltchim has been under insolvency since January 2013. The European Commission found that since the failed privatization of Oltchim, the company had benefited from illegal state aid totaling approximately EUR335 million, which the state must recover.
In January 2019, Chimcomplex Borzesti and Dynamic Selling Group acquired a large part of the chemical plan’s assets in a deal of approximately EUR127 million.