Petroplus Provides Further Update Regarding Its Revolving Credit Facility Negotiations

abarrelfullabarrelfull wrote on 05 Jan 2012 14:58
Tags: petroplus refinery

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Petroplus Holdings AG (SIX: PPHN) today announced that it is continuing negotiations and discussions and will hold another meeting in the coming days with its lenders
under the Revolving Credit Facility with the aim to secure necessary funding and liquidity arrangements to enable the Company to meet its current and future financial obligations.

The negotiations involve reviewing strategic options and securing other sources of liquidity. The Company also announced that access to all of its credit lines under the Revolving Credit Facility has been suspended and access to its pledged bank accounts with its Revolving Credit Facility lenders has been restricted, pending the outcome of the negotiations with the RCF lenders.

The Company also provided the following update in regards to its operations, including its temporary economic shutdowns. Petit Couronne is in the process of being safely shut down. Labor actions at the site are currently restricting liftings of products. Antwerp is expected to commence a safe shut down in the coming days. Cressier is expected to run down crude oil stocks early in the second half of January 2012.

Ingolstadt throughput is currently 60,000 bpd. Coryton throughput is currently 100,000 bpd. The Company will provide further updates to the public as needed.

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