Shareholder Unrest Continues at Romania's Oltchim

Private equity firm Carlson Ventures International (London) says it is considering divesting its 14% stake in Oltchim (Ramnicu Valcea, Romania) because it is "deeply worried with the continuous worsening of Oltchim's financial situation, characterized by escalating debts and financial losses." Oltchim, owned 55% by the Romanian government, cut its output to 30% of nameplate capacity for the months of August and September to cut costs because the company cannot finance its working capital. Oltchim reported losses of RON70 million for the first half of...

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