* Sources: Shareholders will not be able to block the decision of the European Court
The decision of the European Commission through which, the conversion into stock of the debts of "Oltchim" towards the AVAS was approved last week, will help accelerate the privatization of the plant, according to market sources.
Apparently, a combined sale procedure has been found to help with the privatization of the company.
Thus, a few days from now, the announcement concerning the privatization will be made public, and will remain in the market for 30 days, according to the quoted sources, which claim that the announcement will be atypical, as the interested persons will be able to submit non-binding offers, that is, propose privatization solutions, which will then be reviewed.
The final announcement will be published at the end of April, which will also stay in the market for 30 days and will specify the selected privatization method, the quoted sources told us.
The amendment of the law is also desired, which would mean that the decision of the European Commission would no longer depend on the approval of shareholders, as they would only be allowed to decide whether or not they want to participate in the share capital increase.
In order to be approved, the debt to equity swap needs the vote of 75% of the shareholders of "Oltchim", upon the first hearing of the General Shareholder Meeting.
According to the quoted sources, the general meeting of the shareholders of "Oltchim" will be summoned within the briefest delays.
After almost four years of investigation, the European Commission approved the conversion into shares of the debt which Oltchim owed to the AVAS (ed. note: the Authority for State Assets Recovery).
The debt of "Oltchim" towards the AVAS amounts to 125 million Euros, excluding interest.
In 2002, the A
