Division (45)

This conclusion is corroborated by the following sensitivity analysis: even with an optimistic EBITDA multiple of 6,7× (see recital 20), a minimum break-even EBITDA of circa EUR 32,5 million (i.e. around three times the EBITDA related to the optimistic scenario of the Reorganisation plan) would have been required so that Oltchim SPV's value reaches an amount (EUR 219 million) allowing secured creditors to get higher proceeds in the Reorganisation plan compared to the pessimistic scenario attached to the liquidation procedure (i.e. proceeds for secured creditors of EUR 94,8 million).