Swiss-based oil refiner Petroplus is filing for insolvency after it defaulted on $1.75 billion of senior notes and convertible bonds, writes Reuters. Europe’s largest independent refiner by capacity has been in intense talks with its lenders over recent weeks after they withdrew credit late last year.
Reuters – Swiss-based oil refiner Petroplus is filing for insolvency after it defaulted on $1.75 billion of senior notes and convertible bonds.
“The primary goal of Petroplus’ Board of Directors is to ensure that operations are safely shut down and to preserve value for all stakeholders,” Petroplus said in a statement.
Petroplus’ board is now preparing to file for insolvency in Switzerland and the group said similar steps will be taken elsewhere.
Petroplus, Europe’s largest independent refiner by capacity, has been in intense talks with its lenders over recent weeks after they withdrew credit late last year.
The group fell foul of falling refining margins and a high debt load that was a result of its private equity-backed acquisition-based business model.
If you do not receive this within five minutes, please try and sign in again. If the problem persists, please
email: subscriptions@peimedia.com.