“We have support from Turkey, Italy, USA and guarantees from a banking syndicate led by ING, and on the technical side we have solutions we have identified with multiple partners. Also, the local business environment is favorable,” said Vuza.
Vuza did not disclose the amount bid or the assets targeted, as bids for Oltchim are expected until 6 pm Thursday. “Our offer is serious and binding ,” he said.
Oltchim’s reorganization plan entails the sale of the plant for at least EUR307 million. The company entered insolvency in January 2013.
“After the deadline for bids, there will be four weeks of negotiations to designate a winning bidder. Then comes the negotiation and signing of the sale agreement and the entire procedure will likely end in March next year,” said Vuza.