Switzerland: Petroplus Credit Facilities Frozen
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Thursday, 29 December 2011 |
Oil refiner Petroplus has suffered a significant setback as the company’s lenders freeze a $1.1bn revolving loan facility. According to a statement issued by Petrolplus, the facility “critical to allow the company’s operating units to meet their obligations when due” for Europe’s largest independent refiner.
Petrolplus operates five refineries in the United Kingdom, Belgium, France, Germany and Switzerland with a combined capacity of 667,000 bpd. It has suffered from limp demand for fuel products on the continent, posting a net loss of $413m from the first nine months of 2011.
Aside from the suspended credit line, Petroplus has debts of $1.7bn in bonds which are due to mature from 2014. The credit line was arranged by the Swiss arms of BNP Paribas, Commerzbank, Deutsche Bank and Banque Cantonale Vaudoise, among others.
PetrolWorld 29122011
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