Struggling retail arm of Trafigura, Puma Energy has just disclosed that it will sell assets to cut its debt.
Reuters reported that has hired Bank of America Merrill Lynch (BAML)
Puma Energy operates across Angola, Australia and Latin America.
Puma’s spokeswoman told Reuters that the firm was complying with its covenants.
“We have a stated commitment to deleveraging the balance sheet via portfolio refocus … Assuming a successful portfolio review and subsequent asset divestments without major disruption, our target net debt over EBITDA ratio for the end of 2020 is <2.5x,” she added.