# 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 (34): 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:

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

Liquidation procedure (if no pre-deduction of current debts)
Pessimistic scenarioEx-situ sale(million EUR)
Central scenario(million EUR)
Optimistic scenarioIn-situ sale(million EUR)
Gross proceeds (total)
140
216,9
293,7
—
from secured assets (A)
108
171,1
234,2
—
from unencumbered assets (B)
32
45,8
59,5
Procedural costs (UNPIR) and security/preservation/asset administration costs
(15,9)
(18,4)
(20,9)
—
on secured assets (C)
(13,2)
(15,9)
(18,5)
—
on unencumbered assets (D)
(2,7)
(2,5)
(2,4)
Claims from employees (paid before current debt) (E) from unencumbered assets
(2,1)
(2,1)
(2,1)
Severance payments, start-up costs (F)
(24,9)
(26,2)
(12,1)
Net proceeds:
—
from secured assets (Ω = A – C)
94,8
155,2
215,7
—
from unencumbered assets
(Φ = B – D – E – F)
1,1
13,2
40,6
Payment to creditors (other than employees)
Secured creditors (G), out of which:
94,8
155,2
195,8
—
AAAS's secured tranche
1
1,7
2,1
—
Electrica's secured tranche
21,4
35,7
44,2
—
Salrom
1,7
2,7
3,47
Budgetary, out of which:
1,1
13,2
60,5 (= Ω + Φ – G)
—
AAAS
1,0
12,4
56,6
—
Romanian Water Admin.
0,1
0,9
3,9
Unsecured creditors under Article 96 of the insolvency law, out of which
0
0
0
CET Govora
0
0
0
National Water Administration
0
0
0
Other unsecured creditors
0
0
0
Salrom
0
0
0

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Source: https://www.legislation.gov.uk/eudn/2019/1144/annex/TECHNICAL/division/3/division/2/division/34 (the official version)
Page: https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-2/division-34
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.