“It is nevertheless possible Oltchim’s judicial restructuring, but the plant should then be privatized to a strategic investor in the chemical or petrochemical sector, which could bring the raw materials and distribute the products. Our recommendation is the privatization by setting up of an Oltchim 2, a special purpose vehicle, which takes over the functional assets from Oltchim, through share capital inflow, including some of the employees, in this case, the old Oltchim remaining with the non-functional assets, eighter by splitting up the viable assets from the nonviable ones,” lawyer Gheorghe Piperea, one of the company’s administrators, told a news conference Wednesday.
Piperea added the people responsible for Oltchim insolvency are the former general managers and chief executive officers between 2009-2012, such as Constantin Roibu, Olaru, Vasila Mandica, Veronica Preoteasa or Daniel Mihaiescu. Also, the members of the plant’s Board of Directors are equally responsible for its insolvency, added Piperea.
Oltchim’s legal administrators are Rominsolv, a company of lawyer Gheorghe Piperea, as well as BDO Business Restructuring, part of international group BDO, represented by Niculaie Balan.
According to Oltchim’s legal administrators, the causes of the plant insolvency are wrong management decisions, the sales on loss, transactions with companies controlled by the plant’s management and remuneration not related to performance.
Oltchim entered insolvency at the end of January after the state failed to privatize the company.