Vosganian said the company’s court-appointed administrator will soon present an evaluation report to the company’s creditors, who will set a price and start negotiations with prospective clients.
One of the propositions regarding the privatization of Oltchim considers separating the company’s viable and non-viable assets to create an entity devoid of debts, which will be put up for sale, while non-viable assets might be liquidated.
Several investors have showed interest in the chemical plant, according to the Economy Ministry.
Romania’s five regional investment funds (SIFs) plan to form a consortium to invest in the company after privatization, and propose a merger between the plant and Chimcomplex Borzesti.
On the other hand, Israeli private equity investment group Fortissimo Capital and PCC SE, minority shareholder of Oltchim, said recently they would team up for the privatization of the chemical plant.
Turkish chrome producer Yildirim Holding Inc. is also interested in participating in the privatization of Oltchim.
The ministry said in May it received ten letters of intent for Oltchim from large companies in India, Qatar, the UK, Germany, Israel and Azerbaijan.
Oltchim is controlled by the Economy Ministry. PCC SE owns 18.31% of the company directly and 14.02% indirectly, through Polyolt Holding, registered in Cyprus.
In 2012, the Government had to cancel the privatization of Oltchim after the selected winner, a controversial local entrepreneur, refused to pay the agreed price. Oltchim entered insolvency in January 2013.