# 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), Division (7)

Extent: E+W+S+N.I.

In the opposite, contrary to what was foreseen in the Reorganisation plan, the in-situ value was not representative of the market price related to the sale of Oltchim SA as a going concern through Oltchim SPV: a purchaser of Oltchim SPV's shares would have strongly preferred relying on the expected revenues and profit it could get from its investment in Oltchim SPV taken as a whole company (with for instance the obligations stemming from the transfer of employees' contracts from Oltchim SA) rather than on a net replacement cost of Oltchim SA's assets that ignores the liabilities attached to the SPV's take-over and tends to disregard the level of profitability of the business that can be conducted thanks to the assets for sale.

---
Source: https://www.legislation.gov.uk/eudn/2019/1144/annex/TECHNICAL/division/1/division/1.1/division/7 (the official version)
Page: https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-1/division-1.1/division-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.