“This phase, consisting of indicative non-binding bids filed by the interested parties, resulted in Oltchim receiving a number of such bids from interested investors including industrial players as well as financial investors. Out of the bids received, four of them cover the chemical operational bundles, the remaining ones focusing on the other bundles,” Oltchim said.
According to the company, the selection process will continue with the following phase where the selected bidders will be invited to carry out a due diligence process. The selection process and the bids to be received thereunder remain subject to the approval of the creditors in the company’s insolvency proceedings.
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, which has a market capitalization of RON137 million, is 54.8% owned by the Economy Ministry, 32.34% by PCC SE, while other shareholders own the remaining stake of 12.85%.