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Romanian court approves Oltchim insolvency

9:39 AM MST | February 8, 2013 | Francinia Protti-Alvarez

A Romanian court has approved the request for insolvency filed by beleaguered petrochemical manufactuer Oltchim (Râmnicu Vâlcea, Romania) on 30 January, local media reports say. The insolvency route was one of several options presented by the Ministry of Economy (Bucharest) one week earlier. Oltchim’s main minority shareholder, Petro Carbo Chem (PCC; Duisburg, Germany) is fully in support of the decision, agreeing to provide raw materials necessary for the continuation of reduced operations at Oltchim's production complex, while the Romanian...

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