Petroplus Holdings AG (PPHN.EB) said Friday insolvency proceedings have been filed for the troubled Swiss-based independent refiner and its subsidiaries in Switzerland and Belgium.
Petroplus Holdings AG (PPHN.EB) said Friday insolvency proceedings have
been filed for the troubled Swiss-based independent refiner and its
subsidiaries in
Switzerland
and
Belgium
.
A Swiss court granted composition proceedings to Petroplus Holdings AG and
Petroplus Marketing AG and appointed two partners from Wenger Plattner
Rechtsanwalte as administrator, Petroplus said in a statement.
Its two other Swiss subsidiaries, Petroplus Tankstorage AG and Petroplus
Refining Cressier SA, which owns the Cressier refinery, have filed for
composition proceedings, the company said.
Its subsidiary in
Belgium
, the
Belgian Refining Corporation NV, which owns the
Antwerp
refinery, has filed for judicial reorganization proceedings, the refiner said.
Petroplus Tuesday announced plans to file for insolvency after it was unable to
persuade banks to restore credit lines.
The company Wednesday said its German units had filed for insolvency and that
its French units had filed for rehabilitation proceedings, a form of insolvency
that usually precedes liquidation.
Petroplus said its
U.K.
units
were granted administration orders.
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