{"id":554200,"date":"2021-12-23T03:51:14","date_gmt":"2021-12-23T03:51:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/23\/updated-erc-kicks-off-its-debt-restructuring-plan\/"},"modified":"2021-12-23T03:51:14","modified_gmt":"2021-12-23T03:51:14","slug":"updated-erc-kicks-off-its-debt-restructuring-plan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/23\/updated-erc-kicks-off-its-debt-restructuring-plan\/","title":{"rendered":"UPDATED- ERC kicks off its debt restructuring plan"},"content":{"rendered":"

<\/a> Qalaa Holdings subsidiary<\/strong> Egyptian Refining Company (ERC) is in talks for a<\/strong>\u00a0debt restructuring agreement<\/strong>, ERC President Mohamed Saad said on 22 December. Negotiations to extend the loan\u2019s tenor are currently ongoing, but lenders have not yet approved the extension, CFO Aliaa Heikal said. ERC reportedly has c. 2.1 bn in senior debt outstanding.<\/p>\n

Who\u2019s on the other side of the negotiating table?<\/strong> The lenders are Japan Bank for International Cooperation, European Investment Bank, Export-Import Bank of Korea, Nippon Export Investment Ins., and African Development Bank.<\/p>\n

Qalaa had <\/strong>said last year<\/a><\/strong> it would begin a \u201cfull debt restructuring\u201d for ERC, its flagship greenfield.<\/strong> ERC had been meeting its debt finance obligations since 2019 but began struggling to continue making the scheduled payments since the pandemic hit, attributing the disruption to the decline in demand pushing down oil prices. The company has, however, managed to begin making partial loan repayment installments last December.<\/p>\n

ERC is currently carrying out technical studies to assess potentially increasing its capacity by 15% in the coming few years.<\/strong>\u00a0ERC successfully inaugurated its USD 4.3 bn Mostorod petrochem facility<\/a> \u2014 the largest private sector project of its kind in Africa \u2014 last year, which alone produces 2.3 mn tonnes of diesel fuel and 860k tonnes of high octane fuel, jet fuel and butane.<\/p>\n

EDITOR'S NOTE- Updated on 24 December, 2021.<\/em><\/p>\n

A previous version of this story stated that ERC had reached a preliminary agreement with its lenders to extend the tenor of the debt, which an ERC official told us was reported incorrectly by Al Mal<\/a>. The story previously included an expected investment plan for next year following the debt restructuring, as well as a figure for outstanding loan payments, both of which were also reported incorrectly.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Qalaa Holdings subsidiary Egyptian Refining Company (ERC) is in talks for a\u00a0debt restructuring agreement, ERC President Mohamed Saad said on 22 December. Negotiations to extend the loan\u2019s tenor are currently ongoing, but lenders have not yet approved the extension, CFO Aliaa Heikal said. ERC reportedly has c. 2.1 bn in senior debt outstanding. Who\u2019s on […]<\/p>\n","protected":false},"author":1,"featured_media":554201,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[1376,7106,88,2391,72,760,613],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-554200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-african-development-bank","tag-debt","tag-debt-watch","tag-egyptian-refining-company","tag-enterpriseam","tag-european-investment-bank","tag-qalaa-holdings","wpautop","entry"],"acf":{"mongo_id":"db182eb8-a248-494e-be93-a9bbde4e1496","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/469.jpg","photo_position":"above","related_issue":[554190],"teaser":"","voice_url":""},"yoast_head":"\nUPDATED- ERC kicks off its debt restructuring plan - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/23\/updated-erc-kicks-off-its-debt-restructuring-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATED- ERC kicks off its debt restructuring plan\" \/>\n<meta property=\"og:description\" content=\"Qalaa Holdings subsidiary Egyptian Refining Company (ERC) is in talks for a\u00a0debt restructuring agreement, ERC President Mohamed Saad said on 22 December. Negotiations to extend the loan\u2019s tenor are currently ongoing, but lenders have not yet approved the extension, CFO Aliaa Heikal said. ERC reportedly has c. 2.1 bn in senior debt outstanding. 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Qalaa will look to gradually increase its investments in Africa, which currently stand at USD 500 mn, Heikal said. He\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":633036,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/26\/qalaa-holdings-on-track-to-launch-trial-runs-at-erc-in-june\/","url_meta":{"origin":554200,"position":1},"title":"Qalaa Holdings on track to launch trial runs at ERC in June","author":"enterpriseam admin","date":"26 February 2018","format":false,"excerpt":"Qalaa Holdings is on track to launch trial operations at its Egyptian Refining Company complex in Mostorod by the end of June 2018, the company said in a bourse statement on Sunday (pdf). Qalaa confirmed that ERC took on new debt finance and equity commitments valued at around USD 500\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549821,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/qalaa-holdings-reports-first-quarter-in-black-since-2018-in-2q-2022\/","url_meta":{"origin":554200,"position":2},"title":"Qalaa Holdings reports first quarter in black since 2018 in 2Q 2022","author":"enterpriseam admin","date":"2 October 2022","format":false,"excerpt":"Qalaa Holdings returned to the black for the first quarter since 2018 in 2Q 2022 on the back of record revenues driven by improved refining margins at the Egyptian Refining Company (ERC). The company generated a net income of EGP 361.6 mn during the April-June quarter, compared to EGP 401.5\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/102.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567986,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/14\/qalaa-holdings-reports-3q2020-results\/","url_meta":{"origin":554200,"position":3},"title":"Qalaa Holdings reports 3Q2020 results","author":"enterpriseam admin","date":"14 December 2020","format":false,"excerpt":"Qalaa Holdings reported a consolidated net loss after minority interest of EGP 450 mn in 3Q2020, widening its losses from EGP 395 mn in 3Q2019, according to the company\u2019s earnings release (pdf). 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