Petroplus Files For Insolvency In Switzerland, Belgium

Published: Jan 27, 2012

LONDON (Dow Jones)--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.

-By Konstantin Rozhnov, Dow Jones Newswires; +44 207 842 9956; konstantin.rozhnov@dowjones.com