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BALTIMORE -- Crown Central Petroleum Corp. has extended its $125-million secured-credit facility to Jan. 10, 2004. The facility, which was set to expire on June 10, 2003, is agented by Congress Financial Corp. and is used for general corporate and working capital purposes.
Crown announced in January that it had retained the services of Park Avenue Equity Management LLC to assist in the divesting of all or substantially all of its assets, either as a single entity or in separate transactions that would include its service stations and convenience stores, terminals and refineries. These efforts are ongoing, the company said.
Headquartered in Baltimore, Crown operates two Texas refineries with a total capacity of 152,000 barrels per day and 314 Crown gasoline stations and convenience stores in the Mid-Atlantic and southeastern United States.