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...a meeting littered with legal phrases, horrid coffee and a measure of gloom. Not looking forward to this!
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take a flask of your own coffee
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and the readers digest " know your rights "
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Ray Clarke (BBC Essex breakfast presenter & resident of BonC) was talking about Coryton this morning, the gist was (I was driving at the time) There's quite a bit of debt or unpaid repayments outstanding apparently? Coupled with the fact their (apparently) is a surplus of refined oil in Europe at the moment = Not a good situation to be in.
If I see Ray whilst I'm out'n'about over then next day or two I'll find-out if the interview he done is on catch-up and post a link.
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and a lunch bag, and what are you talking about Stoo? :)
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$1.7 billion of bond-holder debt inherited from Petroplus Holdings.- currently changing hands for about 25% of face value. PwC have procured 5 days of crude - then what?
Coryton could be a stand-alone business IF either a) a buyer can be found or b) the margins pick up. The Iran problems could help there but Coryton cannot produce Diesel quick enough so we have to import it. Gasoline (petrol) is fast becoming passe . Coryton is the only P+ refinery making cash.
I actually feel sorry for P+. They borrowed heavily just a micro second before the recession bit. Rotten luck, really.
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PwC have secured a deal for crude until Wednesday. Then what?
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