Petroplus Announces Progress Regarding Its Revolving Credit Facility Negotiations

abarrelfullabarrelfull wrote on 12 Jan 2012 07:23
Tags: petroplus refinery

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Petroplus Holdings AG (SIX: PPHN) today announced that it has reached a temporary agreement with its lenders under the Revolving Credit Facility (“the RCF”). This agreement is designed to provide the financial resources necessary to meet critical expenses, to maintain safe ongoing operations at the Coryton and Ingolstadt refineries, and to allow the company and its lenders to negotiate an amendment to the RCF which is expected to be completed in the second half of January 2012. The Company also announced that it is in negotiations with a third party for the supply of crude and feedstock for the Coryton and Ingolstadt refineries.

The Company also provided the following update in regards to its temporary economic shutdowns. The Petit Couronne and Antwerp refineries have been safely shut down. Labor actions at Petit Couronne continue to restrict the lifting of products. The Cressier Refinery is expected to run down crude oil stocks and commence a safe shut down next week.

The Company will provide further updates to the public as needed.

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