Europe’s largest independent oil refiner, Swiss-based Petroplus Holdings AG, is preparing to file for bankruptcy. At the end of December, a consortium of banks cut off the $1 billion line of credit Petroplus used to finance crude oil purchases. BP plc (NYSE: BP) and Royal Dutch Shell plc (NYSE: RDS-A) have already closed refineries in Europe due to lack of demand for refined products.
The bankruptcy filing follows a demand from the refiner’s banks to accelerate payment of $1.1 billion on the company’s revolving credit account. The revolver’s interest rate was set at 3 points above Libor, which has been below 1% for the past year.
Top Gaining Stocks
Top Losing Stocks