Romania’s largest chemical producer Oltchim, majority owned by the state, will most likely exit insolvency this year. Its judicial administrators, RomInsolv and BDO Business Restructuring, will present the company’s restructuring plan in February, with hopes to have it approved by March, according to Mediafax newswire.

Economy Minister Mihai Tudose met the judicial administrators, as well as representatives of the Oltchim employees union, on Tuesday, January 6. “The option to move to bankruptcy is excluded. The financial evolution in the last year shows positive premises for a profitable reorganization,” said minister Tudose via a statement. Oltchim’s turnover went up from EUR 5.4 million a month in February 2013, when the company became insolvent, to some EUR 16 million a month at end-2014. For the first time in the last three years, the company posted a gross profit from exploitation – EUR 580,000 for the months of October and November 2014.

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editor@romania-insider.com