The reorganization plan of Romanian chemical producer Oltchim (OLT), now under insolvency, will include the company's sale to an eligible buyer, the company announced, reports local Mediafax.

The company wants to invest in a technology that leads to lower energy consumption, to improve financial results.

The authorities have tried several times in recent years to privatize the company, but efforts have failed due to the lack of offers.

The chemical producer is controlled by the state through the Ministry of Economy, which holds a 54.8% stake, and has been under insolvency since January 2013.

The company's judicial administrators BDO Business Restructuring and RomInsolv will present the company's reorganization plan in February, which has to be approved in March.

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