The Prax Group, owner of the UK's Lindsey oil refinery, has entered insolvency, putting approximately 420 jobs at risk. The company, which also owns around 200 petrol stations and the Shetland oilfields, faced liquidity problems for several years before its collapse.
The collapsed Prax Group reportedly owes up to £250 million in taxes. Subsequently, the UK government signed an agreement to resume fuel deliveries from the Lindsey facility, aiming to restore critical supply operations amid the refinery's insolvency.
The bankrupcy has left many local petrol stations in disarray as they battle to source more expensive alternatives to remain open, leading to unexpected financial losses.
Original article UK's Lindsey Oil Refinery Owner Prax Group Enters Insolvency With £250 Million Tax Debt; Glencore Talks and UK Fuel Deal Underway | DeepNewz Britain
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