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Friday, April 15, 2016
Moroccan refiner, Samir, was put under liquidation by a Moroccan court in mid-March. The refiner appealed the court’s decision days later, falling within the 10 day deadline to do so. It also named an independent trustee to run the company. Pending the appeal, the trustee intends to restart production.
Samir has had a number of issues over the past few years and has been shut in for over six months. Morocco’s tax administration froze the company’s bank accounts in an attempt to claim a $1.3 billion tax bill. The Moroccan government said Samir’s total debt amounted to around $4.55 billion.
Samir has been paying its employees since the shut in, putting itself further and further into debt.
Corral Holdings, which controls a majority interest in Samir, has been negotiating with the Moroccan government, but talks have so far failed to find a solution to the refinery’s crisis.
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