(Reuters) -British energy firm Prax Group has filed for insolvency amid mounting losses at its Lindsey oil refinery, Sky News reported on Monday, citing oil industry sources. Prax Group's parent
UK's Prax Group files for insolvency, Sky News reports
(Reuters) -British energy firm Prax Group has filed for insolvency amid mounting losses at its Lindsey oil refinery, Sky News reported on Monday, citing oil industry sources.
Prax Group's parent company, State Oil Ltd, was forced to call in administrators, putting hundreds of jobs at its struggling Lindsey refinery at risk, the report added.
Reuters could not immediately verify the report.
An officer of the UK court appointed FTI Consulting to act as special manager for the Lindsey facility, with Teneo hired as administrator for the rest of the group, a source told Sky News.
Prax Group, FTI Consulting and Teneo did not immediately respond to a Reuters request for comment.
Prax owns and operates various assets and businesses across the oil and energy sector and is owned by its founders - CEO Sanjeev Kumar Soosaipillai and executive board member Arani Kumar Soosaipillai - and their family trusts.
It agreed to buy Shell's 37.5% stake in the PCK Schwedt oil refinery in December 2023.
(Reporting by Yamini Kalia and Unnamalai L in Bengaluru; Editing by Shailesh Kuber)
