Petroplus shares dropped by 40% following $1bn freeze of the credit

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Source: BBC

Petroplus Holdings announced its creditors have frozen $1bn of the company's credit facilities. After the announcement Petroplus share price declined by 40%, losing 83% since the beginning of 2011. The company reported $147 million loss in Q3 as demand for oil products weakened on the dismal economic outlook. The company plans to cut its production by 24% next year.

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