Romania’s largest chemical producer Oltchim Ramnicu Valcea, which is under insolvency and is about to be sold piece by piece, recorded a net profit of EUR 1.68 million in the first three months of 2017, up 76% year-on-year.

The turnover rose by 30% to over EUR 49 million, according to a document from the consortium of judicial administrators. The financial results will be officially announced on the Bucharest Stock Exchange on May 11.

The document explains that the company improved its results due to the “recovery of foreign markets”, as well as its latest refurbishments. The company has no salary arrears anymore. In September 2013, the company was 2.5 months late on salaries.

The plan to reorganize Oltchim was approved in a creditors meeting held in the beginning of March.

Companies that are interested in acquiring one of Oltchim’s nine asset packages can submit their binding offers until June 26. The asset packages have a total market value of EUR 293.7 million, and the starting price will be EUR 307 million.

Privatization of Romania’s Oltchim, postponed until June

editor@romania-insider.com