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Romanian Government May Ask for Oltchim’s Insolvency, Bursa Says

Jan. 23 (Bloomberg) -- Romania’s government may ask for an insolvency procedure for Oltchim SA, a state-owned unprofitable chemical company, following talks with the International Monetary Fund and the European Union, Bursa newspaper reported.

The Cabinet wants to restructure Oltchim and a 450 million-euro ($599 million) debt to the state, without risking a sanction from the EU, the Bucharest-based newspaper said, citing unidentified government officials.

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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