The decision was approved within the general assembly of creditors, held in August, according to announcement published on the website of the Bucharest Stock Exchange.
“Under the provisions of Article 101, paragraph 5, in relation to Article 95, Paragraph 4, of Law No. 85 /2006: confirms the extension of the execution of debtor’s Oltchim SA reorganization plan with a further 1 year, extension approved in Creditors General Meeting dated 08.22.2016. With the right to appeal within 7 days from communication “.
Oltchim has a market capitalization of RON134 million and is listed on the main market of the Bucharest Stock Exchange. The price of one share has dropped by 0.8% since the beginning of the year, being registered 5,800 transactions worth RON1.8 million.
Oltchim has been under insolvency since January 2013 and its reorganization plan stipulates its sale for at least EUR307 million. Oltchim halted operations in August 2012 in preparation for a privatization attempt, which failed after the auction winner refused to pay the price agreed with the authorities.
The chemical plant is 54.8% owned by the Economy Ministry, 32.34% by PCC SE, while other shareholders own the remaining stake of 12.85%.