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Oltchim shares withdrawn from transactions as of Thursday


Oltchim shares were withdrawn from transactions as of Thursday, following a decision of the Authority for Financial Supervision, sent to Bucharest Stock Exchange. 

According to the decision, an orderly market can no longer be maintained for Oltchim Ramnicu Valcea, considering the opening of bankruptcy procedure, following the sentence pronounced by Valcea Court. 

Oltchim started the insolvency procedure on January 30, 2013.

Ramplast Building Materials Division was sold in June 2018. The sale contract between Oltchim SA and Dynamic Selling Group Galati was signed in June 2018 and the transaction price of 12.111 million lei was paid.

Functional shares (packages 1-5 and 7) were sold the same year in December to Chimcomplex Borzesti company. Shares representing right s for intellectual property, land, buildings, mobile goods, investments from Ramnicu Valcea industrial platform were sold. The transaction value was of 589.329 million lei.

In April 2019, the Consortium of Oltchim judicial administrators presented the Report on the implementation stage of the reorganization plan of Oltchim activity in which they requested the court to take note that the period of implementation and reorganization plan had expired in April 2019, and to order the opening  of bankruptcy procedure for Oltchim.

The court admitted the request and pronounced the beginning of the bankruptcy procedure for Oltchim SA.