Bucharest -- Romanian chemicalsl group Oltchim has a new general manager, Mihai Balan and plans to restart production. And it wants a new privatisation attempt following last week's failed privatisation, reports Corina Chirileasa of Romanianinsider.com
The government wants approval from the International Monetary Fund to privatise Oltchim via direct negotiation with a major investor.
The previous privatisation was cancelled because the investor, Dan Diaconescu, a TV station owner and politician, did not stump up the Euro 45 million ($58 million) he had bid within 10 days of winning an auction for Oltchim.
A strategic investor would have to take over Oltchim's debt, which the Romanianinsider.com report put at close to EUR 400 million.