Petroplus Holdings AG said on Jan. 5 that it is continuing negotiations and discussions with its lenders under the revolving credit facility, saying it will hold another meeting with them in the coming days with the goal to secure necessary funding and liquidity arrangements for the company to meet is current and future financial obligations.
The company said that negotiations involve reviewing strategic options and securing other sources of liquidity.
The European refiner said access to all of its credit lines under the revolving credit facility have been suspended and that access to its pledged bank accounts with its revolving credit facility lenders have been restricted pending the outcome of the negotiations with lenders.
Petroplus announced in late December that, due to the company’s credit situation it was shutting down some of its refining capacity. Calling them “temporary economic” shutdowns, Petroplus said that its Petit Couronne refinery is in the process of being safely shutdown. Meanwhile, labor actions at the site are currently restricting liftings of product.
Also, the company’s Antwerp refinery is expected to commence a safe shutdown in the coming days, while the Cressier facility is expected to run down crude oil stocks early in the second half of January.
Throughput at its Ingolstadt refinery is currently 60,000 bpd and throughput at the Coryton refinery is currently 100,000 bpd.
The company said it will provide further updates to the public as needed.
Petroplus Holdings AG is the largest independent refinery and wholesaler of petroleum products in Europe. Petroplus focuses on refining and currently owns and operates five refineries across Europe: the Coryton Refinery in the United Kingdom; the Antwerp Refinery in Belgium; the Petit Couronne Refinery in France; the Ingolstadt Refinery in Germany; and the Cressier Refinery in Switzerland. The refineries have a combined throughput capacity of approximately 667,000 bpd.