Things were looking up for Oltchim, after the receivers of the plant of Vâlcea and the Ministry of the Economy convinced Piraeus Bank and Banca Transilvania to grant them the much sought after financing for increasing output. With Piraeus Bank, the negotiations actually ended up in the final stage of checking the collaterals offered for the line of credit of 6 million Euros, as representatives of the bank are planning to make a visit to Râmnicu Vâlcea by the end of the month.
But on Friday morning, , the receiver of Oltchim, Bogdan Stănescu, and the interim general manager, Mihail Tălpăşanu, announced on the Bucharest Stock Exchange (BSE), that 715 employees will enter technical unemployment amid the temporary contraction of the company's activity, due to the lack of raw materials, working capital and the fact that some of the plant's installations are operating at low capacity. And so, dark clouds gathered over Oltchim again.
On Friday afternoon, the receivers (Rominsolv and BDO) sent a press release to the BSE, which was intended to clarify the one signed by Bogdan Stănescu. In fact, the latter press release completely contradicts the first. The receivers state that in August, Oltchim will not only be closed down, but it will actually increase its output to 23.07% and it will cut its losses from its day-to-day operations to 800,000 Euros.
The receivers claim that they are still negotiating in order to secure financing, just like they are constantly negotiating with their commercial partners in order to obtain better commercial terms.
Several rumors are making the rounds through the plant concerning this shell game with the financing. Some are saying that the receiver Bogdan Stănescu actually changed his stance, after spending some time with Constantin Roibu (the former manager of Oltchim), and others say that he hasn't actually understood
