Romanian Government May Ask for Oltchim’s Insolvency, Bursa Says
Romania’s government may ask for an insolvency procedure for Oltchim SA (OLT), 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.
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