Petroperu Weighs $1 Billion Bond Amid Cash Crunch
- State firm is running out of cash and has asked govt for help
- Company currently has negative value on low cash, high debt
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State-owned Petroleos del Peru SA is considering issuing $1 billion in bonds next year, at a time it is undergoing a severe cash crunch, the company’s chairman told Bloomberg in an interview.
“At the board level, we have already approved, going forward with a bond issuance worth $1 billion,” said Chairman Pedro Chira, in an interview Wednesday from Petroperu’s brand-new Talara refinery, whose construction has drained the company of needed cash.