CHIMCOMPLEX S.A. Shareholders of S.C. Chimcomplex S.A. decided at their June 12, 2017 general meeting to borrow €165 million to finance the takeover of the core assets of Oltchim S.A. (BVB:OLT), which is currently under insolvency procedures following repeated privatization attempts, Bursa daily reported. Chimcomplex has repeatedly expressed its intention to bid for bundles of Oltchim's assets as it seeks to expand its existing operations and re-position Romania on the European chemical industry map. Oltchim creditors expect bids for company's core assets by June 26, 2017.
On June 21, 2017 a court in Valcea will rule on a request to change the privatization strategy. However, the court-appointed manager of the company Gheorghe Piperea has said that the privatization strategy has already been endorsed by the European Commission therefore it complies with the legal requirements.
