Romania: Privatization of Oltchim, postponed until June

Companies that are interested in acquiring one of the nine asset packages of the chemical power producer Oltchim can submit their binding offers until June 26.

The deadline was extended until then, according to an information sent to the Bucharest Stock Exchange.

The plan to reorganize the company was approved in a meeting of the creditors held at the beginning of March. The nine asset packages have a total market value of EUR 293.7 million, and the starting price will be EUR 307 million.

The potential buyers of Oltchim need to pay compensation wages to all the employees who will be laid off, according to AT Kearney. If they decide to keep a part of the current employees, they can get a bonus of EUR 5,000 for each employee. However, they can keep maximum 50% of the current number of employees.

In 2016, the Romanian state put up for sale nine asset packages in Oltchim. The company, which used to be the country’s biggest chemical producer, went into insolvency in January 2013.

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