The administrator of the German subsidiaries of Petroplus Holdings AG (PPHN.EB) said Friday that retail operations have been stabilized, and said that the company is supplying around 40,000 customers in the state of Bavaria .

Petroplus' German refinery in Ingolstadt remains in stand-by mode, Michael Jaffe said in a written statement.

"We now have the funds again that are required to secure supplies via business partners and independent of the refinery's stand-by operation," Jaffe said.

"We are actively participating on the market and have secured our capability to supply our customers," said Martin Schreiner, managing director of Petroplus Bayern, the retail subsidiary in Bavaria .

Insolvency administrator Jaffe also said that the search for investors in Petroplus' German business is progressing, although the process is still at an early stage.

"Fortunately, the number of interested parties has further increased," said Jaffe, without further elaborating.

He had previously said that numerous strategic and financial investors have expressed interest in the German Petroplus business

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