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PetroPeru Asking Government For $1.2B Injection

PERU
  • Comments crossing the wires from Petroperu Chairman Pedro Chira speaking in a conference:
    • PETROPERU IS ASKING GOVT FOR A $1.2 BLN INJECTION
    • PETROPERU HAS $1.6 BLN IN DEBT TO REPAY THIS YEAR
    • PETROPERU ASKS GOVT TO CONVERT $750MLN LOAN INTO SHARES (BBG)
  • Yesterday we noted that business groups have cautioned against the potential negative fiscal implications of a PetroPeru bailout.
    • For reference, Peru’s National Society of Industries released a statement whereby they noted a bailout of Petroperu does not generate the confidence needed to stabilize the economy, arguing instead that Petroperu should be privatized.
    • Furthermore, the Lima Chamber of Commerce said it opposed new capital injections, according to a separate statement, adding that more financial support for Petroperu could worsen the fiscal situation and divert resources from more productive use elsewhere.
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