Romania's largest chemical producer Oltchim managed to halve its loss in 2013, to some EUR 63.3 million, according to its most recent financial report. The company, which is currently insolvent and run by a judiciary administrator, had 2,744 employees in 2013, down from 3,317 the year before, after laying off around 900 people starting June 2013.

End – 2013, the company had debts of around EUR 811 million, out of which the majority had to be repaid in more than a year. The full financial report (in Romanian, in pdf), is here.

Oltchim is majority owned by the Romanian state, with 54.8 percent of the shares. PCC owns 18.3 percent of the shares, and Polyolt Holding, another 14 percent.

After the failed bid to sell the company in 2012, the state will try again this month. The state is awaiting engaging offers for the company via the judiciary administrators Rominsolv and BDO Business Restructuring.

Oltchim, which has been under insolvency procedures since January 2013, has been valued at some EUR 305 million in case it continues its activity, based on data from its creditors. The value is also linked to the creation of a special vehicle – SPV – to take over the company’s viable assets.

Russian company Oil Gas Trade previously said it was ready to take over Romania’s Oltchim chemical plant when Oltchim II is put up for privatization.

editor@romania-insider.com