December 13 (SeeNews) - Romanian power supplier and distributor Electrica [BSE:EL] said on Thursday that it collected 44.6 million lei ($10.9 million/9.6 million euro) owed to it by insolvent chemicals producer Oltchim [BSE:OLT].
The transaction was carried out on December 12 as part of Oltchim's ongoing insolvency proceedings, Electrica said in a bourse filing.
Electrica did not disclose further details in the filing.
Last month, Romania's economy ministry said that the takeover of Oltchim's assets by local peer Chimcomplex Borzesti [BSE:CHOB] was almost completed and Chimcomplex will pay the agreed price by December 17. Chimcomplex concluded in October a contract to pay 582.3 million lei for six bundles of Oltchim assets.
Following the acquisition and merger, the newly formed entity - Romanian Chemical Company - will integrate the industrial platforms from Chimcomplex Borzesti and Oltchim.
Oltchim, which has been in insolvency since 2013, is the only producer of liquid caustic soda in Central Europe and the only producer of chlorine and polyether polyols in Romania.
(1 euro = 4.6537 lei)