|
|
Article: Fate of Castle Energy remains up in air while MG decides restructuring strategy. (Metallgesellschaft AG)
- Article from:
- The Oil Daily
- Article date:
- January 20, 1994
- Author:
CopyrightCOPYRIGHT 1994 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
WASHINGTON -- The cash crisis at German conglomerate Metallgesellschaft A.G. (MG) has left a threatening cloud of uncertainty over all of the contracts of its U.S. subsidiary.
U.S. unit Metallgesellschaft Corp. (MG Corp.) has been left to await the outcome of the parent company's refinancing and restructuring -- and waiting along with it are affiliate Castle Energy Corp. and a swarm of U.S. buyers of oil products.
Everything is said to be on the table in the restructuring, including MG Corp.'s contracts for purchases and sales of oil products in the United States. No decisions have been announced yet on whether those contracts will be retained, changed or ...