* January 17th - the deadline proposed for submitting the binding offers
The receivers of Oltchim (Rominsolv and BDO Business Restructuring) yesterday night signed a letter of intention with the officials of Baota Petrochemical Group and Junlun Petroleum for the participation of the consortium of Chinese companies in the privatization of the plant of Vâlcea.
Andrei Gerea, the minister of the Economy, yesterday said, in a conference, that the managers of Oltchim are committed to ensure full transparency and non-discriminatory treatment in the sale procedure, together with the compliance of the European regulations in the sale of Oltchim. The Chinese have expressed their intention to participate in the transparent bid selection, under the aforementioned conditions.
Mr. Gerea said: "There is a major interest and we are hoping it will lead to many bids to acquire the assets of Oltchim Râmnicu Vâlcea. We want for Oltchim an investor with the ability to expand the plant's business and to keep the current employees. The letter of intent is a symbolic gesture, but one which carries a lot of meaning for Oltchim. This only concerns Oltchim, not the Arpechim refinery. Like I have already said, we can ensure the necessary conditions to allow the investors interested in acquiring the Arpechim refinery to talk OMV Petrom".
The receivers of Oltchim also said that on December 2nd the creditors of the plant are being summoned to approve the evaluation of the company, the creation of Oltchim 2 (a Special Purpose Vehicle without debts) and the strategy for the selection of investors. The receivers are proposing that January 17th be set as the deadline for submitting the binding offers for Oltchim.
The minister of the Economy said that in the near future, he will have talks with all the investors that have expressed their interest in acquiring Oltchim. @N_P
