The UK’s Coryton oil refinery will continue to operate for at least three more months after a deal was agreed between financiers.
The plant was recently put into administration by its Swiss owner Petroplus. But Morgan Stanley, KKR and AtlasInvest have reached an agreement with administrators PwC that will see them pay to refine oil at the plant for the next three months. The deal will allow work to continue and give administrators extra time to look for a buyer or seek a refinancing.
It comes after administrators earlier this month acquired a cargo of oil to keep work going and buy the stricken plant some breathing space.
PwC was recently reported to have received over 40 expressions of interest for the plant from companies around the world and is still in discussions with potential buyers.
Joint administrator at PwC, Steven Pearson, said: "I am delighted to have reached this arrangement. "It is the culmination of constructive negotiations over many days and it creates vital stability at the refinery whilst we find a restructuring solution."