Press Release: State aid: Commission opens in-depth investigation into €135 million debt-to-equity swap and €339.2 million state guarantee for Romanian chemical producer Oltchim

The European Commission opened a formal investigation under EC Treaty state aid rules into Romania's plans to grant a €135 million debt-to-equity swap and a €339.2 million state guarantee for chemical producer Oltchim. The Commission had doubts whether the planned measures were in line with the state aid rules and in particular, whether a private operator would have accepted to make available such measures. The opening of the in-depth inquiry gives interested parties an opportunity to comment on the measures. It does not prejudge the outcome of the procedure.