Morgan Stanley, KKR, AtlasInvest In Petroplus UK Coryton Tolling Deal

Date : 02/15/2012 @ 5:50AM
Source : Dow Jones News
Stock : Kkr Financial Holdings Llc (KFN)
Quote : 11.54  0.0 (0.00%) @ 2:05AM

Morgan Stanley, KKR, AtlasInvest In Petroplus UK Coryton Tolling Deal

Kkr Financial (NYSE:KFN)
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PricewaterhouseCoopers, the administrator of Petroplus Holdings AG's (PPHN.EB) U.K. subsidiaries, said Wednesday it has signed a tolling agreement at the Coryton refinery in southeast England, with Morgan Stanley Capital Group Inc., KKR Asset Management LLC, and AtlasInvest.

Under the deal, crude oil will be delivered to the 220,000-barrels-a-day facility for refining, for an initial period of three months, PwC said in a statement.

"This arrangement allows the refinery to continue to operate as usual whilst the feasibility of a permanent solution for the refinery is explored," the administrator said.

Long-term options include a sale of the business and re-financing, PwC said.

Coryton supplied around 10% of the U.K.'s fuel market before Petroplus lost access to all its credit in early January.

-By Konstantin Rozhnov, Dow Jones Newswires; +44 207 842 9956; konstantin.rozhnov@dowjones.com

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