Petroplus Holdings AG has implemented a new receivables securitization program, which will provide up to $200 million through the sale of the company’s U.K. receivables.
The five-year program is an important step in improving the company’s liquidity, according to Joseph Watson, the firm's CFO.
“This receivables securitization program enables us to monetize some of our sizeable and very high-quality current assets in a cost-effective manner by accessing the commercial paper market," he said. "Importantly, this source of funds extends beyond the normal European banking community. The program represents a reliable, sizeable infusion of cash into the company, and it is expandable to meet future needs.”
Petroplus is an independent refiner and wholesaler of petroleum products in Europe.