In 2011, the state-run company reported a loss of RON198.3 million on total sales of RON1.53 billion.
Oltchim posted an operating loss of RON276.4 million in 2012, substantially wider from RON83.2 million a year earlier. The chemical producer halted operations last August in preparation for a privatization attempt, which failed after the auction winner refused to pay the price agreed with the authorities.
The company opened insolvency proceedings in January 2013 and it not yet clear when the restructuring process would be completed. Currently, Oltchim operates at a very low capacity.
At the end of 2012, Oltchim had total debts of RON2.79 billion (EUR631 million), up 30% year-on-year.
Oltchim has 54.8% of its shares in the hands of the Romanian Economy Ministry, while Germany’s PCC SE holds a 32.34% stake. (EUR1=RON4.4179)