Bucharest - Romanian chemical producer Oltchim is to file for insolvency following its failed privatisation in the second half of 2012, according to the Romania Insider.
The news website cites local media reporting that Romanian Prime Minister Victor Ponta has spoken to International Monetary Fund (IMF) officials about Oltchim and has concluded that insolvency will make privatisation of the company easier. Romanian Insider added that the chemical company needs restructuring and job losses will also be part of the process.
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 for the company within an allotted period of time.
Oltchim is a producer of chemical products, including polyether polyols for polyurethane applications.