BP sells petrochemicals business to INEOS | UK Market Update

  • Jun 30, 2020 BST
  • Team Kalkine

Byron Burger has filed a notice to appoint administrators, to try to protect the restaurant chain from creditors while it seeks a rescue deal. The chain has 1,200 staff and 52 restaurants across the UK. The chain is believed to be in talks with three potential buyers, who could buy the firm or parts of it, in a "pre-pack" administration deal. Byron has been struggling for a number of years. In 2018 it agreed a rescue plan and restructuring which was handled by KPMG.

BP has sold off its petrochemicals business in a move designed to help it become a lower carbon firm. The $5bn (£4.1bn) deal with Ineos will see BP all but pull out of a sector expected to contribute to demand for oil over the coming decades. BP has also been looking at its assets to decide which ones to sell in the light of this strategy and a decline in demand amid the coronavirus pandemic. Earlier this month, it announced plans to cut 10,000 jobs after a slump in demand for oil due to Covid-19.

Cirque du Soleil Entertainment Group filed for protection from creditors after the coronavirus pandemic forced it to close shows around the world, bringing one of the best-known brands in live performance to its knees. The Montreal-based company, which has about US $1.6 billion in debt and other liabilities, requested protection through the Companies' Creditors Arrangement Act in Canada on Monday afternoon. Cirque du Soleil laid off 4,679 employees - about 95 per cent of its workforce - on March 19 after shutting down 44 productions to comply with government orders around the world. It has only one active show right now, in China.

#BP #UK #COVID19 #Kalkine


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