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Oltchim has secured funding from Piraeus Bank and Banca Transilvania
08.07.2013, 00:00 | Economy | 1331 views
The receivers of Oltchim, which has been declared insolvent on January 30th, have succeeded in securing the much sought after financing, intended to set the foundation for increasing output to a profitable level. Lawyer Gheorghe Piperea, one of the 7 directors, said: "Piraeus Bank has accepted to grant 6 million Euros to Oltchim, and Banca Transilvania has agreed to lend it 2 billion Euros. Another seven million Euros may come from CEC Bank". In order to be profitable, the plant needs to operate at about 65% of its capacity. The necessary financing was estimated at about 20-25 million Euros. Read more on Bursa.ro
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