Division (48)

In two of the three scenarios, the proceeds of the liquidation procedure are insufficient to repay, even partly, any claim due to the budgetary creditors. However EUR 10 million are recovered by budgetary creditors in the optimistic scenario of the liquidation procedure. By contrast, none of the three scenarios of the reorganisation plan results in distributions to budgetary creditors, and this, in addition to the substantial risk of failure of sale of Oltchim SPV based on past privatisation failure and of increase of the post-insolvency current debts (see recital 52).