Commissioner Margrethe Vestager, in charge of competition policy, stated: “Following the economic difficulties of Oltchim and the cancellation of public debts owed by the company, we need to verify whether a private creditor would have accepted to act in the same way. Thanks to its recent reorganisation, Oltchim’s financial situation has improved and Romania hopes to find a new investor. Our aim is to facilitate a sustainable future for the economic activities of the company without the need for further government support.”
Oltchim is one of the largest petrochemical companies in Romania and South-East Europe. The Romanian State has a controlling stake of 54.8% in the company. In January 2013, Oltchim was declared insolvent. Sin…
Read the full article at: http://europa.eu/rapid/press-release_IP-16-1321_en.htm