JBF Industries and KKR Jupiter Advisors (KKR) have entered into a binding understanding, wherein KKR has agreed to buy out a 100% stake of the company’s wholly owned subsidiary -- JBF Petrochemicals. The total debt of $464 million in JBF Petrochemicals will now no longer be consolidated in the accounts of JBF Industries.
This will eliminate all contingent liabilities in the form of guarantees provided to the lenders of the PTA project for a loan of $464 million and interest thereon.
JBF Industries is an India-based company, which manufactures polyester chips, polyester yarn and processed yarn from polyester chips.
