Hi kids, So, just when you thought it was safe to check the financial news...
There is some doubt as to whether the pending sale of the refinery at which I work will actually go through. In their quarterly "earnings call" with securities analysts, Tesoro Petroleum mentioned taking every possible measure to improve liquidity. They just brought a refinery in Washington State back on line after a major (expensive) upgrade to enable them to process cheaper crude oil. And they are in the process of spending a bundle of money (just over $1 billion) to purchase us and 70 gas stations in Northern Calif. The assumption behind both the WA refinery upgrade and the CA refinery purchase was decent "margins". Well, margins are down to half what they were a year ago. Oops, liquidity crunch. Valero (the current owner, who have been ordered by the Feds to sell us) issued a press release saying if the deal falls through, they will charge Tesoro a $53 million break-up fee. So, here we pawns are, in the middle, wondering if and when the deal will actually close. (It was supposed to have been April 19th, but the government types stalled. Now this.) We have all these IT timelines for the conversion, and actually quit re-publishing them until we know more for sure. If the sale falls through, we go back under a Federal trustee and they look for another buyer. Kinda stressful not knowing where you stand. <sigh> -Ben ______________________________________________________________________ This list and all House of Fusion resources hosted by CFHosting.com. The place for dependable ColdFusion Hosting. Archives: http://www.mail-archive.com/[email protected]/ Unsubscribe: http://www.houseoffusion.com/index.cfm?sidebar=lists
