The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Chemicals And Pharamceuticals Manufacture Of Chemicals And Chemical Products 20.13 - Manufacture of other inorganic basic chemicals
1,000 - 1,300 jobs Number of planned job losses
Announcement Date
18 February 2015
Employment effect (start)
Foreseen end date
Description
Oltchim chemical plant in Râmnicu Vâlcea will reduce the number of its employees by 1,000 in 2015. The company, which is controlled by the state, is preparing for privatisation ever since it entered insolvency two years ago. According to the unions, the restructuring disposes of over 17 million Euros for severance payments in 2015.
On 9 March 2015, the Oltchim creditors approved the reorganization plan, as proposed by its consortium of trustees. The plan is based on operational restructuring, corporate restructuring, partial or total conversion of debt into shares and the sale of the business. The plan is to become operational after its approval by the Court, set for 22 April 2015.
Currently, Oltchim operates at 30% of its capacity and 70% of its production is being exported.
Sources
18 February 2015: Adevarul
24 February 2015: Mediafax
10 April 2015: Monitorul de Valcea
Citation
Eurofound (2015), OLTCHIM, Internal restructuring in Romania, factsheet number 78657, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/78657.
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