At Least 85% Of Sacyr Creditors Willing To Refinance Debt - Report

Date : 12/19/2011 @ 10:23PM
Source : Dow Jones News
Stock : Ecopetrol S.A. American Depositary Shares (EC)
Quote : 9.97  0.0 (0.00%) @ 4:00AM

At Least 85% Of Sacyr Creditors Willing To Refinance Debt - Report

Engelhard (NYSE:EC)
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At least 85% of Sacyr Vallehermoso SA's (SYV.MC) creditors are willing to refinance the construction company's EUR4.9 billion debt used to buy a 20% stake in Repsol YPF SA (REP), and which expires Wednesday, reported Monday Spanish news agency Efe, citing people close to the negotiations.

Sacyr is also still considering selling 8%-10% of Repsol to an industrial partner or even to Repsol.

According to recent press reports, among the potential buyers are China Petroleum & Chemical Corp. (SNP), or Sinopec, India's Essar Energy (ESSR.LN), Colombia's Ecopetrol (EC), Italy's Eni SpA (E), as well as Arab funds such as Qatar Holding.

But according to El Pais's Tuesday edition, talks with China's Sinopec for a stake sale in Repsol have fallen through.

Agency website: www.efe.com

-By Enza Tedesco, Dow Jones Newswires; enza.tedesco@dowjones.com

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