Romania’s insolvent chemical producer Oltchim has been appointed a new general manager. Mihail Talpasanu is the new general manager of the factory, taking over from the former manager Mihai Balan, whose mandate ended on March 15.
The Romanian Government approved Oltchim’s insolvency on January 23, with a consortium made of Rominsolv SPRL and BDO Business Restructuring RPRL as judiciary administrator. This was soon after the state failed to privatize Oltchim in a first privatization stage, which was won by media mogul Dan Diaconescu, who failed to pay the pledged amount.
The state announced it was seeking European Commission (EC) approval to grant the factory state aid. The government is requesting approval for some EUR 45 million in state aid for Oltchim in the much delayed and still ongoing privatization process of the state owned facility.