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Delek Restructures debt to deal Nov Fire – down till May-Sept 2009

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    Charles Randall

    <Here is Update on the Delek Tyler Refinery & anode coker (previous La Gloria/Crown) & looks like it will be down until May or Sept according to this article. – CER comments>

    Delek restructures debts to deal with Nov. fire

    Nashville Business Journal  
    Monday, February 23, 2009, 9:50am CST

    Delek US Holdings, Inc. has arranged new terms for some debts to help deal with the results of a deadly fire last fall at the company’s Tyler, Texas refinery, the company says.
    The Nov. 20 fire at the 60,000-barrel-per-day refinery killed one employee and shut down production at the facility. Brentwood-based Delek (NYSE: DK) said Dec. 12 that it would likely be until May before prodcution began again at the refinery.
    The amended agreement with lender SunTrustBank gives Delek until September to re-start operations at the refinery, according to filings with the United States Securities and Exchange Commission released Monday morning.
    The deal also allows Delek to move certain assets to other divisions of the company, and confirms that the property maintenance agreements with the lender don’t apply until the refinery is operating again. Delek will be paying some higher interests rates and fees under the agreement.
    Delek US Holdings’ share price was down 23 cents at 10:12 a.m. Monday, trading at $6.21 after closing at $6.43 Friday. Delek US Holdings is the owner of Mapco Express Inc. and is a subsidiary of Israel-based Delek Group.

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