“Yesterday alone we’ve sold related auction literature to three investors,” said Remus Vulpescu, head of the ministry’s privatization office OPSPI.
Oltchim is majority owned by the Economy Ministry, with a 54.8% stake, while Germany’s PCC SE holds an 18.32% stake.
The company will be put up for sale September 18, as per an agreement signed with the International Monetary Fund under a EUR3.6 billion loan program.
According to the privatization strategy, Oltchim’s potential buyer will also have to take over total receivables of 1.8 billion lei (EUR401 million) held by the state. The chemical company has total debts worth over RON2.5 billion.
“We’ve met with some of Oltchim’s creditors and they expressed their wish for a proper management at the company in order to be able to extend new credit lines,” Vulpescu said.
He added that the banks have agreed in principle to lend more money to the chemical company.
“One of the major difficulties at Oltchim is to resume operations as soon as possible. We are currently seeking solutions to pay the salaries for July,” Vulpescu said.
Oltchim must pay its employees overdue salaries for July and August worth EUR3 million. (EUR1=RON4.4881)