Petroperú moves to raise initial US$475mn for restructuring

Peru's national oil company Petroperú is lining up initial financing to proceed with its restructuring process to improve financial and operational sustainability.

In a regulatory filing, the NOC said its board approved the appointment of Carlos Adrián Linares Peñaloza, in his capacity as shareholder of Petroperú Invest, to enter into a bridge financing transaction for up to US$475mn.

Petroperú Invest was created to receive and channel resources from international private banks.

BNamericas previously reported that investment promotion agency ProInversión, which is managing Petroperú's reorganization, hired a law firm to support talks with lenders.

A financing scheme of up to US$2bn for Petroperú was included as part of a government emergency decree approved in May that established measures to mitigate the energy crisis and guarantee the supply of hydrocarbons.

(The original version of this content was written in English)