{
  "url": "https://openlegislation.uk/eu-decision-2019-1144",
  "json_url": "https://openlegislation.uk/eu-decision-2019-1144.json",
  "id": "eudn/2019/1144",
  "title": "Commission Decision (EU) 2019/1144 of 17 December 2018 on the State aid SA.36086 (2016/C) (ex 2016/NN) implemented by Romania for Oltchim SA (notified under document C(2018) 8592) (Only the Romanian version is authentic) (Text with EEA relevance)",
  "short_title": "Decision (EU) 2019/1144 on the State aid SA.36086 (2016/C) (ex 2016/NN) implemented by Romania for Oltchim SA…",
  "long_title": "Commission Decision (EU) 2019/1144 of 17 December 2018 on the State aid SA.36086 (2016/C) (ex 2016/NN) implemented by Romania for Oltchim SA (notified under document C(2018) 8592) (Only the Romanian version is authentic) (Text with EEA relevance)",
  "citation": "EU Decision 2019/1144",
  "type": "eudn",
  "year": "2019",
  "number": "1144",
  "version": "current",
  "date": "2018-12-17",
  "revised": false,
  "valid_from": null,
  "extent": "E+W+S+N.I.",
  "unapplied_effects": 0,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/eu-decision-2019-1144/introduction",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/1",
      "kind": "article",
      "number": "1",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/article-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/2",
      "kind": "article",
      "number": "2",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/article-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/3",
      "kind": "article",
      "number": "3",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/article-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/4",
      "kind": "article",
      "number": "4",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/article-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/5",
      "kind": "article",
      "number": "5",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/article-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/6",
      "kind": "article",
      "number": "6",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/article-6",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/7",
      "kind": "article",
      "number": "7",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/article-7",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "signature",
      "kind": "signature",
      "number": null,
      "heading": "Signature",
      "url": "https://openlegislation.uk/eu-decision-2019-1144/signature",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/TECHNICAL",
      "kind": "annex",
      "number": "TECHNICAL ANNEX",
      "heading": "MARKET ECONOMY CREDITOR TEST RELATING THE CHOICE BETWEEN THE PROPOSED REORGANISATION PLAN AND LIQUIDATION PROCEDURE",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/TECHNICAL/division/1",
      "kind": "division",
      "number": "1",
      "heading": "Gross proceeds and costs associated in the Reorganisation plan and in the liquidation procedure",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1",
      "kind": "division",
      "number": "(1)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/2",
      "kind": "division",
      "number": "(2)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/3",
      "kind": "division",
      "number": "(3)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1",
      "kind": "division",
      "number": "1.1",
      "heading": "Gross proceeds from the liquidation and reorganisation plan",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/4",
      "kind": "division",
      "number": "(4)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/5",
      "kind": "division",
      "number": "(5)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/6",
      "kind": "division",
      "number": "(6)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-6",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/7",
      "kind": "division",
      "number": "(7)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-7",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/8",
      "kind": "division",
      "number": "(8)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-8",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/1.1.1",
      "kind": "division",
      "number": "1.1.1",
      "heading": "Gross proceeds and duration of the liquidation procedure",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/1.1.1/division/9",
      "kind": "division",
      "number": "(9)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-1.1.1/division-9",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1/division/1.1.1"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/1.1.1/division/10",
      "kind": "division",
      "number": "(10)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-1.1.1/division-10",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1/division/1.1.1"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/1.1.1/division/11",
      "kind": "division",
      "number": "(11)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-1.1.1/division-11",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1/division/1.1.1"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2",
      "kind": "division",
      "number": "1.1.2",
      "heading": "Gross proceeds from the reorganisation plan",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/1",
      "kind": "division",
      "number": null,
      "heading": "Reference scenario",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/1/division/12",
      "kind": "division",
      "number": "(12)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-1.1.2/division-1/division-12",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/1"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/1/division/13",
      "kind": "division",
      "number": "(13)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-1.1.2/division-1/division-13",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/1"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/1/division/14",
      "kind": "division",
      "number": "(14)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-1.1.2/division-1/division-14",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/1"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/2",
      "kind": "division",
      "number": null,
      "heading": "Pessimistic scenario",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/2/division/15",
      "kind": "division",
      "number": "(15)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-1.1.2/division-2/division-15",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/2/division/16",
      "kind": "division",
      "number": "(16)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-1.1.2/division-2/division-16",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/2/division/17",
      "kind": "division",
      "number": "(17)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-1.1.2/division-2/division-17",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/3",
      "kind": "division",
      "number": null,
      "heading": "Optimistic scenario",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/3/division/18",
      "kind": "division",
      "number": "(18)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-1.1.2/division-3/division-18",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/3/division/19",
      "kind": "division",
      "number": "(19)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-1.1.2/division-3/division-19",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/3/division/20",
      "kind": "division",
      "number": "(20)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-1.1.2/division-3/division-20",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/1/division/1.1/division/1.1.2/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/2",
      "kind": "division",
      "number": "2",
      "heading": "Costs to be deducted from the proceeds of the sale of Oltchim SPV or of Oltchim SA's liquidation procedure",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL"
    },
    {
      "path": "annex/TECHNICAL/division/2/division/21",
      "kind": "division",
      "number": "(21)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-2/division-21",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/2/division/22",
      "kind": "division",
      "number": "(22)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-2/division-22",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/2/division/23",
      "kind": "division",
      "number": "(23)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-2/division-23",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/2/division/24",
      "kind": "division",
      "number": "(24)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-2/division-24",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/2/division/25",
      "kind": "division",
      "number": "(25)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-2/division-25",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/2/division/26",
      "kind": "division",
      "number": "(26)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-2/division-26",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/2/division/27",
      "kind": "division",
      "number": "(27)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-2/division-27",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/2/division/28",
      "kind": "division",
      "number": "(28)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-2/division-28",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/2/division/29",
      "kind": "division",
      "number": "(29)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-2/division-29",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/3",
      "kind": "division",
      "number": "3",
      "heading": "Calculation of the net proceeds for each creditors in the Reorganisation plan and in the liquidation procedure",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL"
    },
    {
      "path": "annex/TECHNICAL/division/3/division/30",
      "kind": "division",
      "number": "(30)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-30",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/3/division/2",
      "kind": "division",
      "number": null,
      "heading": "Liquidation procedure",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/3/division/2/division/31",
      "kind": "division",
      "number": "(31)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-2/division-31",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/3/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/3/division/2/division/32",
      "kind": "division",
      "number": "(32)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-2/division-32",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/3/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/3/division/2/division/33",
      "kind": "division",
      "number": "(33)",
      "heading": "In all three scenarios the proceeds from unencumbered assets after procedural and employees costs are not enough to fully cover the current post-insolvency debt, severance or start-up costs. The surplus from proceeds from secured assets that arises in the optimistic scenario, is therefore allocated to cover those costs. If there is any amount of proceeds remaining, it is then shared between budgetary creditors, in accordance with the rank of creditors foreseen in Article 123 of the insolvency law. In all three scenarios, no proceeds are obtained by the unsecured creditors located after the salaries and budgetary creditors in the rank of creditors.",
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-2/division-33",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/3/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/3/division/2/division/34",
      "kind": "division",
      "number": "(34)",
      "heading": "In their submission dated on 16 May 2018, the Romanian authorities did not deduct the current debt from the proceeds from liquidation in their simulation (in contrast to proceeds from the sale of Oltchim SPV). While this omission by the Romanian authorities seems to be erroneous, in case a MEO had considered that assumption, he would have found that the proceeds for the different pre-insolvency creditors in case of a liquidation would have been even higher than those in the table above, as shown below:",
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-2/division-34",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/3/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/3/division/3",
      "kind": "division",
      "number": null,
      "heading": "Reorganisation Plan",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/3/division/3/division/35",
      "kind": "division",
      "number": "(35)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-3/division-35",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/3/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/3/division/3/division/36",
      "kind": "division",
      "number": "(36)",
      "heading": "In the scenarios considered, the gross proceeds of the plan were to be lower than the minimum foreseen in the Reorganisation plan of EUR 295 million. According to the Reorganisation plan (see notably BDO's report page 101) and based on the explanations submitted by the Romanian authorities on 16 May 2018, the potential net residual amount (after procedural costs and current debts) is distributed in the following way: 70 % of the net amount for secured creditors, 100 % of their claims is paid to employees to settle pre-insolvency debt to them, the then residual amount for essential suppliers within the limit of 30 % of their initial claim the potential remainder being then paid to budgetary creditors. In the following scenario, there is no residual amount available as only current debt holders recover part of their claims through proceeds from the sale of Oltchim SPV.",
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-3/division-36",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/3/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/3/division/3/division/3",
      "kind": "division",
      "number": null,
      "heading": "Alternative assessment of proceeds in the Reorganisation plan — Dividend Discount Model",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/3/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/3/division/3/division/3/division/37",
      "kind": "division",
      "number": "(37)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-3/division-3/division-37",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/3/division/3/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/3/division/3/division/3/division/38",
      "kind": "division",
      "number": "(38)",
      "heading": "The enterprise value could be computed as the following:",
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-3/division-3/division-38",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/3/division/3/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/3/division/3/division/3/division/39",
      "kind": "division",
      "number": "(39)",
      "heading": "Similarly to the enterprise value's assessment based on EBITDA multiple, a MEO would have assumed:",
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-3/division-3/division-39",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/3/division/3/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/3/division/3/division/3/division/40",
      "kind": "division",
      "number": "(40)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-3/division-3/division-40",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/3/division/3/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/3/division/3/division/3/division/41",
      "kind": "division",
      "number": "(41)",
      "heading": "The above-mentioned formula can be simplified as the following:",
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-3/division-3/division-41",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/3/division/3/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/3/division/3/division/3/division/42",
      "kind": "division",
      "number": "(42)",
      "heading": "Based on the DDM, a market economy creditor would have computed the following estimates of the enterprise value of Oltchim SPV:",
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-3/division-3/division-42",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/3/division/3/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/3/division/3/division/3/division/43",
      "kind": "division",
      "number": "(43)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-3/division-3/division-43",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/3/division/3/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/4",
      "kind": "division",
      "number": "4",
      "heading": "Results of the MEO test for each category of creditors and sensitivity analysis",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL"
    },
    {
      "path": "annex/TECHNICAL/division/4/division/1",
      "kind": "division",
      "number": null,
      "heading": "Secured creditors",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/4"
    },
    {
      "path": "annex/TECHNICAL/division/4/division/1/division/44",
      "kind": "division",
      "number": "(44)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-4/division-1/division-44",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/4/division/1"
    },
    {
      "path": "annex/TECHNICAL/division/4/division/1/division/45",
      "kind": "division",
      "number": "(45)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-4/division-1/division-45",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/4/division/1"
    },
    {
      "path": "annex/TECHNICAL/division/4/division/1/division/46",
      "kind": "division",
      "number": "(46)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-4/division-1/division-46",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/4/division/1"
    },
    {
      "path": "annex/TECHNICAL/division/4/division/1/division/47",
      "kind": "division",
      "number": "(47)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-4/division-1/division-47",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/4/division/1"
    },
    {
      "path": "annex/TECHNICAL/division/4/division/2",
      "kind": "division",
      "number": null,
      "heading": "Budgetary creditors",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/4"
    },
    {
      "path": "annex/TECHNICAL/division/4/division/2/division/48",
      "kind": "division",
      "number": "(48)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-4/division-2/division-48",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/4/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/4/division/2/division/49",
      "kind": "division",
      "number": "(49)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-4/division-2/division-49",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/4/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/4/division/2/division/50",
      "kind": "division",
      "number": "(50)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-4/division-2/division-50",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/4/division/2"
    },
    {
      "path": "annex/TECHNICAL/division/4/division/3",
      "kind": "division",
      "number": null,
      "heading": "Unsecured creditors",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/4"
    },
    {
      "path": "annex/TECHNICAL/division/4/division/3/division/51",
      "kind": "division",
      "number": "(51)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-4/division-3/division-51",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/4/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/4/division/3/division/52",
      "kind": "division",
      "number": "(52)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-4/division-3/division-52",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/4/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/4/division/3/division/53",
      "kind": "division",
      "number": "(53)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-4/division-3/division-53",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/4/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/4/division/3/division/54",
      "kind": "division",
      "number": "(54)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-4/division-3/division-54",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/4/division/3"
    },
    {
      "path": "annex/TECHNICAL/division/5",
      "kind": "division",
      "number": "5",
      "heading": "Conclusion of the market economy creditor test",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL"
    },
    {
      "path": "annex/TECHNICAL/division/5/division/55",
      "kind": "division",
      "number": "(55)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-5/division-55",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/5"
    },
    {
      "path": "annex/TECHNICAL/division/5/division/56",
      "kind": "division",
      "number": "(56)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-5/division-56",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/5"
    },
    {
      "path": "annex/TECHNICAL/division/5/division/57",
      "kind": "division",
      "number": "(57)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-5/division-57",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/5"
    },
    {
      "path": "annex/TECHNICAL/division/5/division/58",
      "kind": "division",
      "number": "(58)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-5/division-58",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/5"
    },
    {
      "path": "annex/TECHNICAL/division/5/division/59",
      "kind": "division",
      "number": "(59)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-5/division-59",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/5"
    },
    {
      "path": "annex/TECHNICAL/division/5/division/60",
      "kind": "division",
      "number": "(60)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-5/division-60",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/5"
    },
    {
      "path": "annex/TECHNICAL/division/5/division/61",
      "kind": "division",
      "number": "(61)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-5/division-61",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/5"
    },
    {
      "path": "annex/TECHNICAL/division/5/division/62",
      "kind": "division",
      "number": "(62)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-5/division-62",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/TECHNICAL/division/5"
    }
  ],
  "outstanding_effects": [],
  "made_under": [],
  "changes_made_to": 0,
  "changes_made_to_url": "https://openlegislation.uk/eu-decision-2019-1144/changes.json",
  "changes_made_by": 0,
  "changes_made_by_url": "https://openlegislation.uk/eu-decision-2019-1144/changes/by-it.json",
  "instruments_made_under": 0,
  "instruments_made_under_url": "https://openlegislation.uk/eu-decision-2019-1144/instruments.json",
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2019/1144",
    "retrieved_at": "2026-11-01T15:12:39.012123+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}