Bancila to bid on Oltchim shares

Virgiliu Bancila, chairman of the board at Chimcomplex Borzesti, hopes to acquire a majority stake in Oltchim, Romania’s leading chemical company. Bancila said he could restore the company within six months. Bidders must submit their proposals to Romnisolv and BDO Business Restructuring, Oltchim’s judicial administrators by Sept. 15.
The businessman Dan Diaconescu signed a deal to buy the company. However, he never managed to secure the funding and the deal fell through. At the time, two Chinese companies were also interested in purchasing Oltchim.