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People & Business :: Companies

Report: Oltchim could be split in two under reorganization plan

10:59 AM MDT | March 13, 2013 | Francinia Protti-Alvarez

Oltchim (Râmnicu Vâlcea, Romania) could be split in two to pay down debt and help attract investor interest before a majority stake is sold to an investor to meet requirements under a precautionary International Monetary Fund loan accord, according to a Ziarul Financiar report. Under the reorganization plan, a special purpose vehicle would be created to transfer the company's viable assets. Nonviable assets would be liquidated to help pay off debt, which now is close to €800 million ($1 billion), according a Bloomberg report. Oltchim's creditors...

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