Switzerland's news in English

Editions:  Europe · Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Lenders extend lifeline to cash-strapped Petroplus

Share this article

08:40 CET+01:00

Embattled Swiss-based Petroplus said Wednesday that lenders had agreed to temporarily provide vital cash flows to keep two of its oil refineries running in Britain and Germany.

A statement said the "agreement is designed to provide the financial resources necessary to meet critical expenses," and "to maintain safe ongoing operations at the Coryton and Ingolstadt refineries."

The deal will also "allow the company and its lenders to negotiate an amendment to the revolving credit facility which is expected to be completed in the second half of January 2012."

Petroplus, Europe's largest independent oil refiner, recently announced it was to enforce a temporary halt at three of its refineries after financiers froze an initial $1 billion credit facility.

The affected refineries are Petit Couronne in northern France, the Antwerp refinery in Belgium and Cressier in the Swiss canton of Neuchatel.

The firm's Coryton refinery in England and the Ingolstadt refinery in Germany are still operational.

 
Get notified about breaking news on The Local

Share this article

From our sponsors

VIDEO: Three surprising facts that will make you want to visit Malta

Game of Thrones has ended but it lives on in Malta! Find out how and learn two more unexpected facts about this little archipelago in the middle of the Med.