SK Energy talks to investors about opco restructuring plan

Korean oil refiner SK Energy plans to spin off two of its core businesses into subsidiaries and approached bond investors this week for consent, offering a consent payment that amounted to "free money" for investors. But the plan has made rating analysts consider the impact of the restructuring on future debt issues.

  • 07 Oct 2010
The company has asked investors in its $300m 2011 bonds and a $450m 2013 deal for consent to spin off its refining and marketing, and petrochemicals businesses. These will take some of the parent company’s debt with them but SK Energy has moved to nullify the structural subordination ...

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5 SG Corporate & Investment Banking 12,319.14 63 5.58%

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5 Goldman Sachs 13,596.26 99 6.89%

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5 Citi 15,489.08 65 5.74%