Romanian insolvent chemical producer lowers loss 15 times

The Romanian insolvent state-owned chemical producer Oltchim recorded in the first quarter of the year a EUR 844,000 loss, 15 times lower than in the same period last year. The loss amounted to EUR 12.6 million in the first three months of 2014. Oltchim’s operating income reached EUR 39.9 million in the first quarter of this year while the financial one amounted to EUR 228,000. Its operating expenses totaled EUR 40.3 million while the financial costs reached EUR 443,000. The producer’s receivables amounted on March 31 to EUR 15.1 million and its debts totaled EUR 837,000, down 0.3% year-on-year. Economy Minister Florin Tudose announced last week that three companies are interested in buying Oltchim. Two of them are Chinese and one is European. The plant’s creditors approved at the beginning of March the reorganization plan proposed by Oltchim’s judicial administrators. The minimum price to sell Oltchim is EUR 307 million, according to the plan. editor@romania-insider.com