You are currently viewing Get behind Petroplus says administrator and MP

Get behind Petroplus says administrator and MP

Customers and suppliers of Petroplus, the Teesside petrochemicals employing more than 60 people that has just gone into administration, need to get behind the business says Stockton North Labour MP, Alex Cunningham.

Alex held talks with the administrators from PricewaterhouseCoopers this morning and learned that whilst there are a number of options for the site at Seal Sands in his constituency, the first is to try and financially restructure the business.

“I understand that bondholders in the parent Petroplus organisation favour an option that would see the business’ finances restructured – but that will need cooperation from the company’s suppliers and customers,” he said.

“So I’d appeal to everyone associated with the business to get behind Petroplus, talk with the administrators, agree new financial arrangements, and help us save not just an important plant, but preserve the jobs of the people who rely on the company for their livelihood.

“It is very clear that PWC are keen to ensure we achieve just that and are ready to work with anyone to ensure they do so.”

If the financial restructuring doesn’t prove possible, the administrators will look at other options including the sale of the plant but that is very much a secondary option at this time.

“I am due to meet with the chief executives of Stockton Borough Council and Tees Valley Unlimited in Westminster at lunchtime today and I know both of them, along with Stan Higgins, Chief Executive of NEPIC, are all keen to help in any way they can,” said Alex.

“We have a strong petrochemicals sector on Teesside and everything possible must be done to protect it and help it develop.”