Reported 25 days ago
The Peruvian government has announced an aid package for the struggling state-owned company Petroperu, which includes assuming its debt payments to international bondholders, forgiving some loans, and increasing its credit line. The finance ministry will handle payments due in the latter half of the year while converting $800 million in loans into equity and extending a $1 billion credit line. This action follows the company's urgent calls for government intervention amid financial distress due to the costly and delayed Talara Refinery project.
Source: YAHOO