Arab Today, arab today petroplus tumbles as 1bn credit facility frozen
Last Updated : GMT 18:13:09
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.  

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*

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

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today As Olympics loom,China plunges into biz

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom,China plunges into biz
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
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