26 January 2012 10:47 [Source: ICIS news]
LONDON (ICIS)--Petroplus administrator PricewaterhouseCoopers (PwC) has agreed to resume shipments of refined oil products from its Coryton refinery site in the UK with immediate effect, the consulting and auditing firm said on Thursday.
Shipments from the facility were halted earlier this week after negotiations between Petroplus and creditors to extend deadlines for loan repayments broke down. The Coryton oil refinery in ?xml:namespace>
"I am pleased that we are able to resume fuel supplies in the region. The team has worked collaboratively with customers to get to this stage so quickly," said joint administrator Steven Pearson, a PwC partner.
Petroplus filed for insolvency on Wednesday. PwC had been appointed as administrator on Tuesday after the company announced that it planned to go into administration.
Petroplus had been negotiating with lenders to reopen credit lines needed to maintain operations and meet financial obligations, while also trying to arrange alternative financing and liquidity facilities.
However, the company said in a statement that it was unable to reach an agreement with its lenders and unable to continue to fund its subsidiaries.
Last week, Petroplus had announced plans to sell its refinery in Petit Couronne, France, and said it was evaluating the potential sale of its refineries in
Petroplus earlier this month temporarily shut down its refineries at
Its facility at Petit Couronne has a throughput capacity of 161,800 bbl/day;
The company had said it would initiate a sales process for the Petit Couronne refinery and its related marketing business, after a consultation process with the works councils.
Additional reporting by
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