Romanian Government Places Oltchim under Special Administration

The Romanian government says it has placed chemical company Oltchim (Ramnicu Valcea, Romania) under special administration, to streamline the company for its previously announced privatization. The fiscal authorities are unable to use legal enforcement procedures to recoup their receivables from Oltchim, and Oltchim's debts to utility providers will be rescheduled, during the special administration period. The special administrator, when appointed, may also restructure Oltchim with possible job cuts, the spinoff of some of Oltchim's businesses, or conversion of...

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