Tuesday 31 July 2012

FAL Oil creditors expected to reject $700 mln debt deal -sources - Yahoo! News Maktoob

Creditors of Middle East trader FAL Oil are expected to reject a proposal to restructure about $700 million of its debt along with additional loans to keep operations going, two sources familiar with the deal said.
Financial institutions involved in the discussions of the debt restructuring are not keen to inject fresh funding into
the oil trader, which at one point was one of the biggest privately run Middle East trading firms.
"Although nothing has officially come in writing we have been informed that the banks, in principle, are rejecting the proposal," a source told Reuters.

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