The prospects of a rescue bid for bankrupt oil trading company Jetoil made by Centracore, a Vienna-based company in which Russia’s Rosneft holds a stake, appear indefinite.
Market officials believe that guarantees provided by Centracore as part of its proposal to rescue Jetoil from bankruptcy will most likely not be accepted by the creditor banks, especially two of Jetoil’s key creditors.
Should this hold true, the rescue model plan associated with Centracore, which entails the entry of a strategic investor, partial deletion of debt and settlement of the remaining debt amount through the purchase price, is bound to fail.
However, not all pundits agree that this will be the case and see no real reason why this rescue effort plan could be stopped.
The wider investor interest being expressed for Jetoil’s storage facilities in Kalohori, Thessaloniki, the bankrupt firm’s main asset, could prove pivotal in the rescue procedure. Investors are showing far less interest in the company’s other assets.
This factor, alone, could end up redirecting the entire rescue effort and prompt a competive procedure or separate sales of fixed assets such as the fuel storage facilties.
Such a development could spark an even wider investor interest in Jetoil’s storage facilities, seen as a springboard for fuel trading activities in northern Greece as well as the wider Balkan region.