However, the representatives of the German PCC SE company, the main minority shareholder of the chemical complex, voted against the restructuring program, and said they do not approve of the acquisition of the Arpechim Pitesti petrochemical activity. They argued that the investment is almost impossible to recover, and Oltchim cannot afford the €486 mln loan, in addition to its already existing debt, estimated by them to be worth €500 mln.
“Oltchim will never make a profit if it takes over Arpechim. It would take at least five years for the efficient integration of the two units, and by that time, the complex will file for bankruptcy, considering that debts will rise significantly and not even the interest could be paid,” the Project Development Manager of PCC SE, Adam Lamentowicz, said.
Oltchim budgeted losses worth RON 151.7 mln for this year, considering net sales of RON 1.7 billion, down 10 percent year-on-year. The company’s capitalization is RON 113.5 mln (€26.9 mln), and the OLT shares are up 136 percent since the beginning of the year.
