A court in Valcea county, Romania, rejected objections to the privatisation procedure chosen by creditors for chemical plant Oltchim S.A. (BVB:OLT) on June 28, 2017. Bids for Oltchim's core assets are expected by July 6, 2017. Oltchim, which is 54.8% owned by the Romanian state, has been having financial difficulties for years and is currently under insolvency procedures.

The Romanian authorities have repeatedly attempted to privatise the plant but without success. Oltchim has now been put up for sale in nine asset bundles. The market value of the assets on sale is evaluated at €294 million and the starting price in the auction was set at €307 million.

A number of bidders are reportedly eyeing the assets, but local group S.C. Chimcomplex S.A. controlled by Stefan Vuza is the most vocal. Shareholders in Chimcomplex decided at their June 12, 2017 general meeting to borrow €165 million to finance the takeover of the core assets of Oltchim. Vuza has said that Chimcomplex Borzesti and Oltchim will establish the National Chemical Company in a move to create a major European player drawing on the combined commercial strength of the two companies.

More than 10 investors might submit binding bids for the assets, the company's administrator Bogdan Stanescu said, News.ro reported on June 20, 2017. Each of the ten prospective investors are interested in all the bundles, he added.