Klaipedos Nafta falls to an 18-month low

Klaipedos Nafta, which runs an oil terminal on the Baltic Sea and plans to build a liquefied natural-gas terminal, fell to an 18-month low after the Lithuanian company said it was short of working capital.
The shares fell 3.2 percent to 0.36 euros ($0.46) at 11:30 a.m. in Vilnius, the lowest since May 17, 2011, according to data compiled by Bloomberg. The volume of 26,000 shares was more than four times the three-month daily average.

Klaipedos Nafta, which is 72 percent-owned by the Lithuanian state, published two tenders for financing late on Nov. 9. The first seeks a long-term credit of as much as 73 million euros and a guarantee of $50 million, while the second seeks overdraft services in the amount of 120 million litai ($44.2 million).

Without the extra financing, the company would face a shortage of working capital as early as January 2013. Read more...