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Chemical plant "Oltchim" Râmnicu Vâlcea (symbol:OLT) reported losses of 116 million lei, (27 million Euros), in the first semester of 2009, three times higher over the same period of 2008, on the back of a 50% contraction of turnover, according to financial reports for H1 2009 released yesterday by the company.
Also during the same period, the company"s revenues dropped 53%, to 539.4 million lei, whereas expenses reached 655.4 million lei, a 44% drop YOY.
• PCC requests the voiding of the "Eximbank" guarantee for the acquisition of Arpechim
PCC SE, Oltchim"s minority shareholder, yesterday requested the voiding of the Eximbank collateral worth 49.6 million Euros offered for a 62 million Euros loan that the chemical maker wants to take on to acquire the petrochemical division of "Arpechim".
According to a press release by the company, PCC considers that issuing a state guarantee for "Oltchim" amounts to a state aid, despite the government"s claims to the contrary.
"Even if the state emphasizes that it will only guarantee 80% of the loans that Oltchim is looking to take out, the fact that Oltchim doesn"t meet the requirement of its future debtor not having financial troubles automatically qualifies this guarantee as a state aid", PCC officials say.
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