Romanian government seeks emergency financing for troubled Oltchim.

By bne IntelliNews September 7, 2012
Romanian economy minister Daniel Chitoiu said he has invited representatives of local banks to discuss a bridge loan needed to support the production re-launch at state-owned petrochemical plant Oltchim, Hotnews portal reported. The money is needed to fund one-month working capital and salary arrears. The company, whose privatisation is to be launched on September 18, halted operations last month. There is no back-up plan in case local banks refuse to provide the necessary financing, Chitoiu admitted. Nonetheless, the privatisation will no longer be postponed, he added. The situation turned dramatic at Oltchim after its management resigned earlier this week and the trade union increased the intensity of protests.

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