Petroplus Comments on Its Revolving Credit Facility

abarrelfullabarrelfull wrote on 27 Dec 2011 07:35
Tags: petroplus refinery

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Petroplus Holdings AG (SIX: PPHN) today announced that approximately $1 billion in uncommitted lines under its Revolving Credit Facility have been frozen by the lenders under that facility. These lines are critical to allow the company's operating units to meet their obligations when due. The company intends to continue negotiations with the banks for a prompt restoration of the credit lines, and is evaluating additional strategic options to maintain operations in its European refining and marketing system.

Petroplus Holdings AG is the largest independent refiner and wholesaler of petroleum products in Europe. Petroplus focuses on refining and currently owns and operates five refineries across Europe: the Coryton Refinery in the United Kingdom; the Antwerp Refinery in Belgium; the Petit Couronne Refinery in France; the Ingolstadt Refinery in Germany; and the Cressier Refinery in Switzerland. The refineries have a combined throughput capacity of approximately 667,000 barrels per day.

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