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Investing.com -- Prax Group, the owner of the Lindsey oil refinery in Lincolnshire, has entered insolvency proceedings, putting hundreds of jobs at risk, according to Sky News report on Monday.
State Oil, the parent company of Prax Group, has been forced to call in administrators due to mounting losses at the refinery, the report said, citing industry sources.
An official announcement regarding the insolvency was expected later on Monday.
The Official Receiver has appointed FTI Consulting (NYSE:FCN) to act as special manager for the Lindsey facility, while Teneo has been hired as administrator for the remainder of the group.
The insolvency represents a significant development for the UK energy sector, affecting a substantial energy conglomerate with diverse assets in the oil industry.
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