Petrochemicals loss worsens

The company posted a third quarter loss of NIS 170.3 million, compared with NIS 64.9 million in the corresponding quarter.

David Federmans woes at Israel Petrochemical Enterprises (TASE: PTCH) continue: the holding company, which holds 30.72% of Oil Refineries Ltd. (TASE:ORL), lost NIS 170.3 million in the third quarter of 2012, according to the financials it released last night.

Oil Refineries added NIS 79.3 to Israel Petrochemicals losses, and together with financing expenses of NIS 81 million, furthered the companys quarterly losses. Since the beginning of the year, Israel Petrochemicals has lost NIS 371.8 million, and as of the end of September of this year, the company has a negative shareholders equity of NIS 124.1 million.

At the end of June, the company convened a bondholders meeting in which it announced its intention to formulate a plan to settle its debts with all entities financing it. On November 11, the company reported the suspension of all payments of principal and interest to its creditors until the end of February 2014, in order to avoid frustrating the feasibility of exploiting its rights to the maximum degree possible.

Published by Globes [online], Israel business news - - on December 1, 2013

Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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