“The reorganization strategy that will be subject to creditors’ approval targets to further improve the economic – financial results, consolidate and keep OLTCHIM’s financial balance, as well as OLTCHIM sale toward an eligible buyer,” according to the statement.
To improve its financial results, the company targets technological investments aimed at reducing its energy consumption. Moreover, Oltchim plans to restart new installations if it managed to attract other financing sources, the statement also reads.
Oltchim SA (OLT.RO) registered a 25% higher turnover in 2014, of EUR141.19 million, largely due to higher exports and lower crude oil prices. The company’s good performance is due to regaining foreign clients’ trust, by supplying quality products, and to lower crude oil prices, Oltchim said in a statement sent to the Bucharest Stock Exchange.
Oltchim, 54.8% owned by the Economy Ministry, 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.
Oltchim’s administrators, RomInsolv and BDO Business Restructuring, will present the company’s reorganization plan in February, which is to be approved in March.