Romania will again try to sell its largest, yet insolvent chemical producer Oltchim in beginning of 2014

Another privatization attempt will be launched for Romania's largest chemical producer Oltchim, after the failed bid to sell the company in 2012. The state will try again to sell the company in February 2014. The state is awaiting engaging offers for the company via the judiciary administrators Rominsolv and BDO Business Restructuring. The selection process is scheduled for February 3, 2014. The deadline for submitting offers is January 31, and the task book costs EUR 20,000. Oltchim, which has been under insolvency 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. In September this year, Oltchim recorded a turnover of EUR 11.4 million, double the EUR 5.6 million registered in the same month of 2012. The company has been under insolvency procedures since January 2013. This came soon after the state failed to privatize Oltchim in its first privatization stage, which was won by media mogul Dan Diaconescu, who then failed to pay the pledged amount. editor@romania-insider.com