Romania’s Financial Supervisory Authority (ASF) on Tuesday approved the company’s delisting.
Oltchim’s productive assets were acquired by chemical producer Chimcomplex, for EUR127 million.
In May 2019, the local court in Valcea allowed Oltchim to start bankruptcy procedures, upholding the request put in by judicial administrators ROMINSOLV and BDO Business Restructuring.
Oltchim went insolvent in January 2013 and ROMINSOLV and BDO Business Restructuring were appointed judicial administrators.
The European Commission found that since the failed privatization of Oltchim, the company had benefited from illegal state aid totaling approximately EUR335 million, which the state must recover.
In January 2019, Chimcomplex Borzesti and Dynamic Selling Group acquired a large part of the chemical plant’s assets in a deal of approximately EUR127 million.