# 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 (45)

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

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).

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Source: https://www.legislation.gov.uk/eudn/2019/1144/annex/TECHNICAL/division/4/division/1/division/45 (the official version)
Page: https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-4/division-1/division-45
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.