Reuters: Bankruptcy News: Coryton creditors to get up to 6.4 pct of claims -PwC

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Coryton creditors to get up to 6.4 pct of claims -PwC Jul 31st 2012, 16:20 LONDON, July 31 | Tue Jul 31, 2012 12:20pm EDT LONDON, July 31 (Reuters) - Creditors of bankrupt refiner Petroplus's UK operations, mainly the Coryton refinery, will be paid a maximum of 6.4 percent of their claims, Steven Pearson, a joint administrator at PwC, said on Tuesday. The creditors will receive $102 million to $135 million, while their claims are estimated to total $2.1 billion to $2.4 billion, Pearson said. He said that losses sustained in runnning the refinery between January and June had reduced the amount available for distribution. He added that the return to creditors was low also because the parent had loaded some $1.75 billion of debt against the UK division.

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