Petroplus

"We will discuss strikes and other actions that would be carried out starting next week," Yvon Scornet , a leader of the CGT union at Petroplus's refinery, said in a telephone interview.

French Unions Consider Action After Petroplus Closure Inti Landauro 2012

Petroplus's current market capitalization is around $100 million.

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In 2010, Petroplus said it would convert its Reichstett refinery near Strasbourg, France, into a terminal.

French Unions Consider Action After Petroplus Closure Inti Landauro 2012

Neither Mr. Besson nor Petroplus identified any of the banks.

French Unions Consider Action After Petroplus Closure Inti Landauro 2012

The threat of a strike raises the stakes of Petroplus's troubles for French government officials, who are nervous about the loss of more refinery jobs in light of unemployment near 10% ahead of the country's May presidential election.

French Unions Consider Action After Petroplus Closure Inti Landauro 2012

Mr. Besson last week said he had spoken with the three French banks involved in Petroplus's credit facility, who said they were ready to lend to the company so long as the other banks also agreed.

French Unions Consider Action After Petroplus Closure Inti Landauro 2012

Petroplus last week announced it was temporarily closing the Petit-Couronne refinery, which employs 550, and two other refineries located in Antwerp, Belgium, and in Cressier, Switzerland, after Petroplus' lenders refused to renew a $1 billion credit facility.

French Unions Consider Action After Petroplus Closure Inti Landauro 2012

European margins rose in January to $30 per ton, from an average of $15 per ton in each month last year, due to the unusually cold weather in Europe and as Swiss-based refining group Petroplus Holdings AG filed for insolvency and idled most of its European plants.

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If Petroplus goes bankrupt, the stock of refined products could help financing the acquisition of the refinery or help pay severance for the workers, he said.

French Unions Consider Action After Petroplus Closure Inti Landauro 2012

PARIS—Representatives of labor unions from French oil refineries will meet Wednesday to discuss whether to strike or carry out other protests after Swiss-based Petroplus Holdings AG closed a plant in Normandy, the latest French oil refinery to suffer from a worsening European refining market.

French Unions Consider Action After Petroplus Closure Inti Landauro 2012