Zug, Switzerland, January 24, 2012 – Petroplus Holdings AG (SIX: PPHN) today announced that its subsidiaries in the United Kingdom, Petroplus Refining & Marketing Ltd. (“PRML”), which owns the Coryton refinery, and Petroplus Refining Teesside Ltd., which owns the Teesside Marketing & Storage facility, applied for and were granted administration orders. As a result of the administration order with respect to PRML, the $1.6 billion aggregate principal amount of outstanding senior notes of Petroplus Finance Ltd. have accelerated. The Court today appointed PricewaterhouseCoopers as administrator for the assets of the above companies.
UPDATE: 25/01/2012 @ 22:35
Petroplus Provides Update Regarding Proceedings
ZUG, Switzerland–(BUSINESS WIRE)–Jan. 25, 2012–
Petroplus Holdings AG (SIX: PPHN) today announced that it and its subsidiary in Switzerland, Petroplus Marketing AG, filed for composition proceedings (“Nachlassstundung”).
Petroplus also announced that its subsidiaries in Germany, Marimpex Mineralöl-Handelsgesellschaft mbH, Petroplus Deutschland GmbH, Petroplus Bayern GmbH, Petroplus Tankstorage Holding Deutschland GmbH and Petroplus Raffinerie Ingolstadt GmbH, which owns the Ingolstadt refinery, filed for insolvency proceedings. The Court today appointed Jaffé Rechtsanwälte Insolvenzverwalter as administrator for the assets of the above companies.
Petroplus further announced that its subsidiaries in France, Petroplus Holdings France SAS, Petroplus Marketing France SAS, Petroplus Raffinage Reichstett SAS and Petroplus Raffinage Petit-Couronne SAS, which owns the Petit Couronne refinery, filed for rehabilitation proceedings (“redressement judiciaire”). The Court today appointed FHB Administrateurs Judiciaires as administrator for the assets of some of the above companies.
Petroplus Holdings AG will provide further updates to the public as needed and further information regarding the proceedings will be provided on the Investor Relations section of our website at http://investors.petroplusholdings.com.
Source: Petroplus Holdings AG
Petroplus Holdings AG
Fredrik Olsson; +41 (0) 58 580 1244