Morgan Stanley, KKR, AtlasInvest In Petroplus UK Coryton Tolling Deal
February 15 2012 - 5:50AM
Dow Jones News
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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