Division (27)

The decommissioning of the mercury electrolysis plant and soil reclamation (EUR 26,6 million) — as well as the upgrade of plants both needed according to R/BDO in case of liquidation (EUR 24,6 million) and ‘gradually due if Oltchim is maintained operational’ — have been considered as neutral in the comparison between the liquidation scenario and the Reorganisation plan. Such an approach is consistent to the approach applied to environmental liabilities (see recital 26) in the following: those exceptional costs should indeed have been taken into account, one the one hand, by Oltchim SA's creditors in the liquidation scenario, and on the other hand, by a potential purchaser when putting a bid for Oltchim SPV. The Romanian authorities did not disagree with the fact that bidders would have taken into account those costs as equal in both liquidation and reorganisation' scenarios in case of purchase of these facilities with a view to operate them in point 10 of their submission dated on 16 May 2018; it is worth noting that this is an assumption that positively impacts the proceeds from the Plan by comparison to the ones from liquidation as in the pessimistic and reference liquidation scenarios, those upgrade costs would not have been necessary in full.