On Thursday, the Managing Board of Oltchim also voted for the company to file for insolvency to undergo reorganization, supporting a proposition presented by Economy Minister Varujan Vosganian Wednesday.
Firm Rominsolv is represented by Piperea and BDO Business Restructuring by Niculaie Balan, Oltchim said in a statement Thursday.
Rominsolv is controlled by Piperea, with a 59% stake, Anca Piperea and Cristian Iordaneascu, with a 20% stake each, and by Alexandru Deaconu Mircea, with 1% of the shares.
The Economy minister told Mediafax Wednesday Oltchim would enter insolvency and a request to this end would be sent to the Valcea Court.
The Court has yet to issue a decision regarding Oltchim’s insolvency request and the appointment of the two legal administrators.
According to a document presented by the government last week, Oltchim had debts of over 2.68 billion lei (EUR0.61 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=RON4.3724)