petroplus tumbles as 1bn credit facility frozen
Last Updated : GMT 17:04:08
Arab Today, arab today
Arab Today, arab today

Petroplus tumbles as $1bn credit facility frozen

Arab Today, arab today

Arab Today, arab today Petroplus tumbles as $1bn credit facility frozen

Zurich - Arabstoday

Swiss oil refiner Petroplus Holdings said lenders had frozen about $1 billion in a revolving credit facility, casting doubt over its ability to buy crude and sending its shares to a record low. The refiner said lenders had frozen uncommitted lines in the credit facility, which are critical to allowing its operating units to meet their obligations when they come due. \"This is of course a very serious situation for our company,\" the spokesman said. \"We are not able to buy crude as we would like.\" Petroplus has an additional $1.1 billion in committed credit lines but relies on the entire credit facility to buy crude, which means supply problems are likely to occur sooner rather than later, he said. \"It\'s not a problem in a couple of weeks, but it\'s much sooner than that.\" Today\'s announcement is a serious issue, as in the worst case the company would lack the funds required to maintain operations,\" Vontobel analyst Andreas Escher said in a note. \"We strongly advise investors to stay clear of the stock until a sustainable financing can be restored.\" Petroplus said it was evaluating options to maintain operations of its European refining and marketing system. \"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,\" it said in the statement. Some 13 banks are involved in the whole revolving credit facility, the spokesman said. Petroplus currently operates five refineries across Europe: in Coryton in the United Kingdom, in Antwerp in Belgium, in Petit Couronne in France, in Ingolstadt in Germany and in Cressier in Switzerland. Spokesmen for the company\'s refineries in Ingolstadt and Antwerp said the plants were operating as normal.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

petroplus tumbles as 1bn credit facility frozen petroplus tumbles as 1bn credit facility frozen

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

petroplus tumbles as 1bn credit facility frozen petroplus tumbles as 1bn credit facility frozen

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Air China suspends flights to North Korea

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria opposition meets in Riyadh

GMT 06:23 2017 Thursday ,23 November

Syria opposition meets in Riyadh
Arab Today, arab today Online exhibit shows hidden depths of

GMT 11:45 2017 Thursday ,23 November

Online exhibit shows hidden depths of
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Srebrenica women cry tears of joy

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday