{
  "url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-4/division-1/division-46",
  "json_url": "https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-4/division-1/division-46.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/4/division/1/division/46",
  "kind": "division",
  "number": "(46)",
  "heading": null,
  "text": "A market economy creditor would have noted that this breakeven EBITDA of EUR 32,5 million (ensuring proceeds from the Plan higher than from the liquidation) was unrealistic because it was far higher than the one from the above-mentioned optimistic scenario (EUR 10,9 million), built on the basis of an assessment of Oltchim business. Furthermore, the Court-appointed receiver's estimate of proceeds from the Plan amounting to EUR 295/306 million implied that a purchaser would have been ready to consider Oltchim able to reach an EBITDA even higher (circa EUR 44 million p.a. of EBITDA, on the basis of an optimistic EBITDA multiple of 6,7×) which was even more unrealistic.",
  "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/4/division/1/division/46",
    "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."
}