Electrica, 48.7% owned by the state, cashed RON44.6 million from Oltchim last year as part of insolvency proceedings.
Oltchim went insolvent in January 2013 and ROMINSOLV and BDO Business Restructuring were appointed judicial administrators.
In 2016, the administrators put up for sale Oltchim’s assets grouped in nine bundles. In Chimcomplex Borzesti (CHOB.RO) bought bundles 1-5 and part of bundle 7.
In May this year the court allowed judicial administrators to start bankruptcy procedures for Oltchim.