Reuters: Bankruptcy News: UPDATE 1-Two bidders for Petroplus UK Coryton refinery -MEP

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UPDATE 1-Two bidders for Petroplus UK Coryton refinery -MEP May 17th 2012, 11:07 Thu May 17, 2012 7:07am EDT LONDON May 17 (Reuters) - Two preferred bidders are in talks to buy Petroplus's UK Coryton refinery, said a Member of the European Parliament, but its 900 employees still face a nail-biting wait before their future is decided. "I understand that there are two preferred bidders and one is hopeful that the deal will be signed within 10 days," said Richard Howitt, the MEP for the East of England. Petroplus, Europe's largest independent refiner by capacity, filed for administration in several jurisdictions after defaulting on $1.75 billion of debt. Steven Pearson, joint administrator at PwC had previously said that a either a deal on Coryton would be reached by the middle of May or it would close. He declined to comment further on Thursday. A deal with the plant's crude suppliers, Morgan Stanley , KKR and Marcel Van Poecke, expired at midnight Wednesday, Howitt said and it was unclear whether it would be extended. Morgan Stanley declined to comment. A tanker was due to reach the plant on Tuesday with enough crude to last 11 days and, as the original deal to supply crude has expired, the ability of the plant to continue beyond the end of this month is now in doubt. Coryton is considered by analysts as the most attractive of Petroplus's assets on offer, along with the Ingolstadt refinery in Germany, though many question the long-term future of all the plants. Link this Share this Digg this Email Reprints

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