Five vendors will work with Oltchim lohn
Five suppliers are interested to work with Oltchim lohn, sources from the Ministry of Economy. First announced their interest in a month ago, are CCP MFC Commodities. Receivers of the plant is in advanced talks with suppliers who want to continue working with the company Valcea, say our sources, who told us that soon will be undertaken contracts.
Meanwhile, our complete submission to the European Commission for obtaining the information necessary to aid rescue Oltchim (about 20 million). Authoritative sources in the Ministry of Economy told us that the authorities explained to the Commission that it was the behavior of shareholders, suppliers and banks to Oltchim and showed that neither the state nor the providers of private traders and banks have made it difficult factory claims garantaten though.
In data submitted to the European Commission, the State representatives have explained all creditors Oltchim prudent behavior: "A PricewaterhouseCoopers report last year that enforcement of pledges on plant assets would have major creditors a recovery rate up to 10 to 12 % of these debts accumulated by Oltchim.'s why all private and public creditors had been cautious and not to mass foreclosures. Commission data available and the impact that would have closed Oltchim that impact social impact on the local and regional economy, the impact on GDP and trade deficit disappearance of a major part of petrochemicals. "
The authorities have sent the Commission that the liquidation Oltchim has higher costs than insolvency to reorganize and privatize part of the plant viable Valcea, also said sources.
Currently, the documentation to obtain approval for state aid is currently under analysis. Commission must find that Oltchim not benefited so far from aid. Receivers of plant (BDO Business Restructuring and RomInsolv) are in negotiations with creditor banks to get a new loan of 10 million euros. Oltchim working capital needs about 40-45 million to operate at 60% capacity level, according to authorities would ensure profitability.