September 24, 2018

Oltchim files for insolvency

The Valcea Tribunal admitted the request of the Board to accept the insolvency procedure request filed last week and the statement about the intention to reorganize under judiciary control SC Oltchim SA, based on a reorganization plan. The decision made by the Valcea Tribunal may be appealed within seven days. The government approved Wednesday, 23 January 2013, the memorandum on the insolvency of SC Oltchim SA. Under the procedure, the company will enter judiciary reorganization based on a reorganization plan in line with the provisions of the Law on the insolvency procedure. The measure is meant to protect the plant against its creditors. The court designated lawyer Gheorghe Piperea as judiciary administrator. From now on, the immediate measures are closing all bank accounts in favor of the unique insolvency bank account, then all repossession procedures will be suspended and claims will be frozen. “The plant is operational, and protests are out of question. We will sit at the table and discuss with the judiciary administrator about what is to be done,” the trade union leader of Oltchim, Corneliu Cernev told Mediafax.

Source: Nine o’clock ()

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