Chimcomplex Borzeşti chemical plant plans to “capitalize” a part of Oltchim’s viable assets and afterward to resume the production of PVC, said the president of Chimcomplex Borzeşti, Virgiliu Bancilă. “We want to capitalize the viable assets in the first stage and solve the environmental problems. In the second stage, in three or four years, we want to resume the production of PVC (…) through a modern technology”, said Bancilă, according to news.ro.

Two companies have officially announced that they are interested in taking over Oltchim’s assets: Chimcomplex, a company controlled by businessman Ştefan Vuza, and the German-Polish PCC group, a minority shareholder of the plant. The deadline for submitting bids for the sale of the assets of the Oltchim plant, which is in insolvency, was extended until July 6th, according to a report recently submitted by the company to the Bucharest Stock Exchange (BVB). Chimcomplex plans to double its turnover by 2020 by increasing the production capacity and purchases. The company had a turnover of 184,1 million lei (40,9 million euros) last year, according to data sent to the Ministry of Finance.

More than ten investors who submitted non-binding offers for the nine Oltchim packages put up for sale, could submit definitive offers for the purchase of the assets until the June 26th deadline, recently said, to News.ro, the special administrator of the plant, Bogdan Stanescu. Oltchim entered the insolvency proceedings on January 30th, 2013, and the consortium composed of Rominsolv SPRL and BDO Busines Restructuring SPRL was appointed as a judicial administrator.

In 2016, the Romanian state put Oltchim for sale on pieces, through nine asset packages. The company recorded a net profit of 1,68 million euro in the first quarter of this year, up by 76% over the same period last year, and a turnover of 49,06 million euros, up by 30% compared to the first three months of last year. The last year in which Oltchim recorded profit from its current activity was 2006.