Balan will serve as Oltchim general manager for 30 more days. He took over this position in October 2012.
At the end of January 2013, the Valcea Court approved the company’s insolvency request. A firm owned by lawyer Gheorghe Piperea and BDO Business Restructuring, part of international group BDO, were appointed Oltchim’s legal administrators.
According to a document presented by the government in January, the company had debts of over 2.68 billion lei (EUR0.6 billion) at the end of 2012.
The government failed to privatize Oltchim in October last year. The company is controlled by the Economy Ministry with a 54.8% stake. (EUR1=RON4.4106)