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BNP Facing Loss
World Economy

BNP Facing Loss

BNP Paribas SA and its partners in a Scottish energy loan are staring at a loss of £122 million ($172 million) after entrepreneur Ian Suttie’s venture went bankrupt, illustrating the wreckage banks are likely to face from the oil bust, Bloomberg reported. First Oil Plc, an Aberdeen-based operator in the North Sea, entered UK bankruptcy protection in February. While the lenders are jointly owed about £149 million, they may only receive about £27 million in proceeds from asset sales. The banks, which include Barclays Plc and ING Groep NV, agreed to accept the write-down on April 4, a filing shows. Bank of Nova Scotia has “exited its position” in the debt.

 

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