{
  "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-2/division-33",
  "json_url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-2/division-33.json",
  "legislation": "eudn/2019/1144",
  "legislation_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)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2019-1144",
  "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.",
  "text": "Liquidation procedure\nPessimistic scenarioEx-situ sale(million EUR)\nCentral scenario(million EUR)\nOptimistic scenarioIn-situ sale(million EUR)\nGross proceeds (total)\n140\n216,9\n293,7\n—\nfrom secured assets (A)\n108\n171,1\n234,2\n—\nfrom unencumbered assets (B)\n32\n45,8\n59,5\nProcedural costs (UNPIR) and security/preservation/asset administration costs\n(15,9)\n(18,4)\n(20,9)\n—\non secured assets (C)\n(13,2)\n(15,9)\n(18,5)\n—\non unencumbered assets (D)\n(2,7)\n(2,5)\n(2,4)\nClaims from employees (paid before current debt) (E) from unencumbered assets\n(2,1)\n(2,1)\n(2,1)\nCurrent debt to be repaid, severance payments, start-up costs (F)\n(75,2)\n(76,5)\n(62,4)\nCurrent debt's coverage ratio by overall proceeds net of procedural, employee, secured debt repayment from secured assets and severance/start-up costs\n29,1 %\n44 %\n114 %\nNet proceeds:\n—\nfrom secured assets (Ω = A - C)\n94,8\n155,2\n215,7\n—\nfrom unencumbered assets\n(Φ = B – D – E – F)\n(49,3)\n(37,1)\n(9,7)\nPayment to creditors (other than employees)\nSecured creditors (G), out of which:\n94,8\n155,2\n195,8\n—\nAAAS's secured tranche\n1\n1,7\n2,1\n—\nElectrica's secured tranche\n21,4\n35,7\n44,2\n—\nSalrom\n1,7\n2,7\n3,47\nBudgetary, out of which:\n0\n0\n10,1 (= Ω + Φ – G)\n—\nAAAS\n0\n0\n9,5\n—\nRomanian Water Admin.\n0\n0\n0,7\nUnsecured creditors under Article 96 of the insolvency law, out of which\n0\n0\n0\nCET Govora\n0\n0\n0\nNational Water Administration\n0\n0\n0\nOther unsecured creditors\n0\n0\n0\nSalrom\n0\n0\n0",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2019/1144/annex/TECHNICAL/division/3/division/2/division/33",
    "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."
}