Hascol near restructuring agreement

KARACHI: Hascol Petroleum Limited (HPL) on Tuesday said it was expected to announce restructuring agreement soon as company was nearing the conclusion of negotiations in this regard.

“Under this restructuring agreement, short-term expensive debt is replaced by long-term debt affordable debt and some new equity,” the company said in a notice sent to Pakistan Stock Exchange (PSX).

Alan Duncan, Chairman of Hascol Petroleum, in a statement, which was sent to PSX, said, “Year 2021 has been a dramatic year during which your Board has worked tirelessly to turn the company around”.

Company is carrying a heavy burden of accumulated debt and in order to address this, company has been in detailed talks with its bankers, according to Duncan.

“I believe we are making good progress in doing so, and I am pleased to be able to explain some of the steps we have taken over the last few months,” he stated.