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Glencore can bring $236 million UK lawsuit against refinery, court rules
Source: reuters.com
Legal & LitigationCommodities & Raw MaterialsCompany Fundamentals
London's High Court ruled that Glencore may sue the insolvent Prax-owned Lindsey refinery over approximately $236 million of crude oil supplied before Prax's collapse. The decision potentially improves Glencore's ability to pursue recovery of the unpaid amount, but underscores counterparty-credit exposure tied to the refinery insolvency.
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