{
  "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-2/division-34",
  "json_url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-2/division-34.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/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:",
  "text": "Liquidation procedure (if no pre-deduction of current debts)\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)\nSeverance payments, start-up costs (F)\n(24,9)\n(26,2)\n(12,1)\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)\n1,1\n13,2\n40,6\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:\n1,1\n13,2\n60,5 (= Ω + Φ – G)\n—\nAAAS\n1,0\n12,4\n56,6\n—\nRomanian Water Admin.\n0,1\n0,9\n3,9\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/34",
    "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."
}