France banks ready to finance Petroplus

According to Landauro, on Wednesday the French banks made it clear that they were ready to finance Petroplus Holdings AG, a swiss based oil refiner company with enough finance they need to operate. Petroplus stated on Tuesday that the group of international lenders had frozen the credit facility and this shocked the market. The company which owns five refineries in Europe states that the company is currently negotiating with the creditors with this problem and the French government is supporting the negotiations. The three French banks are willing to extend financing to Petroplus as long as the other banks agree to this also.

The company has experienced a shortage in their market of more than 80% since early August after several quarters of net losses. The company made a cut on its refined products because of their financial problems. But now the French banks are willing to help and to revive this company and help European markets.

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