Oltchim informed shareholders in a statement that the last conditions provided in the asset sale agreement concluded with Chimcomplex S.A. Borzesti, have been met, namely, the opinion of the Supreme Council of National Defence (CSAT) and the decision of the Competition Council regarding the authorization of the economic concentration operation.
In a separate statement, Chimcomplex announced that its financial partner is a consortium coordinated by Credit Suisse based in Switzerland, which comprises the Credit Suisse AG Zurich Special Investments Group, VTB Bank (Europe) Frankfurt, SCR Grup Romania and Tricon Energy SUA. Chimcomplex concluded an exclusivity agreement with Credit Suisse Special Investments Group and VTB Bank.
Oltchim SA has been under insolvency since January 2013 and is currently managed by a consortium of judicial administrators, Rominsolv SPRL and BDO Busines Restructuring SPRL, respectively. At the end of 2016, the company set off the sale process of nine assets bundles within the reorganization stage of the insolvency proceedings.
The assets consist of lands and buildings, intellectual property rights, as well as other movable assets, mostly machinery, equipment, technologies and other similar goods. The assets can be used for the manufacturing of various chemical products, as well as for related activities (manufacturing, supply and distribution of utilities and raw materials, transportation via freight wagons).