Romania wants to sell largest chemical producer, for EUR 300 mln

The state can sell the Romanian chemical producer Oltchim, currently under insolvency, for about EUR 300 million, said Gheorghe Piperea, partner with RomInsolv SPRL, which is one of Oltchim’s judicial administrators. The creditors will meet to discuss the company’s reorganization plan in March. Oltchim’s situation has improved. The company is “no longer a patient in a coma, but a recovering one,” said the administrator, cited by local Ziarul Financiar. The plant, which currently works at a 30% capacity, generates a monthly turnover of EUR 15 million and an EBITDA income of over EUR 700,000, with 70% of the production exported. Comparatively, in 2012, when the plant functioned at an 80% capacity, it had monthly losses of about EUR 5 million. The state previously tried to privatize Oltchim, but the process failed, and the company entered insolvency instead. editor@romania-insider.com