Bloomberg News

Petroplus Holdings Says Access to All Credit Lines Suspended

January 09, 2012

(Updates with comment from analyst in fifth paragraph.)

Jan. 5 (Bloomberg) -- Petroplus Holdings AG, the European refiner fighting to maintain crude supplies, said banks froze access to all it credit lines.

Access to a revolving credit facility has been suspended and access to pledged bank accounts restricted, the Zug, Switzerland-based company said today in a statement.

The company expects to start a shutdown of its Antwerp refinery in Belgium in “coming days,” Petroplus said. Its French Petit Couronne plant is in the process of being halted, and the Cressier site in Switzerland will run down crude stocks early in the second half of January, the company said.

Petroplus will meet again with its lenders in the “coming days” and discussions will involve reviewing strategic options and securing other sources of liquidity, the company said.

“As far as we are aware, some banks in the syndicate were supportive and others were not,” Andreas Escher, equity analyst for Bank Vontobel AG in Zurich, said in a telephone interview. “In which case, what happens to the banks that were supportive? Will they form part of a new lending group? At the moment it is hard to speculate what will happen.”

--Editors: Chapin Wright, Paul Armstrong

To contact the reporters on this story: Amanda Jordan in London at ajordan11@bloomberg.net or Louise Meeson in London on lmeeson@bloomberg.net

To contact the editor responsible for this story: Amanda Jordan at ajordan11@bloomberg.net or Faris Khan at Fkhan33@bloomberg.net.


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