“Following the requests received from the participants in the sale process of assets bundles of Oltchim S.A., and due to the complexity of the project, it was decided the extension of the deadline for submission the binding offers, until 26 June, 2017,” Oltchim said in a statement to Bucharest Stock Exchange.
On January 27, Oltchim announced the end of the non-binding bid stage of the competitive process regarding the sale of the company’s assets, launched in the second half of 2016. At that time, Oltchim received a number of bids from interested investors including industrial players as well as financial investors, of which four covered the chemical operational bundles and the remaining ones focused on the other bundles.
Oltchim preorganization plan stipulates the sale of the chemical plant for minimum EUR307 million. Oltchim has been under insolvency since January 2013 and its judicial reorganization plan was extended for another one-year period in 2016.
The chemical plant is 54.8% owned by the Economy Ministry, 32.34% by PCC SE, while other shareholders own the remaining stake of 12.85%.