PETROPLUS HOLDINGS AG IN LIQUIDATION 
By
Petroplus Holdings AG Industriestrasse 24
CH-6304 Zug
Switzerland
Zug, Switzerland, January 24, 2012 - Petroplus Holdings AG
(SIX: PPHN) today announced that it and its subsidiaries
received notices of acceleration yesterday from the lenders
under its Revolving Credit Facility. During the past several
weeks, Petroplus has been negotiating with these lenders to
reopen credit lines needed to maintain operations and meet
financial obligations. In addition, the Company has been
seeking to arrange alternative financing and liquidity
facilities, as well as other strategic options.
The negotiations with the lenders under the Revolving Credit
Facility have not been successful (despite the Company having
reached an agreement for crude oil supply) and they have
served notices of acceleration, commenced enforcement actions
and appointed a receiver in respect of Petroplus Marketing
AG's assets in the UK. Such acceleration constitutes an event
of default under the $1.75 billion aggregate principal amount
of outstanding senior notes and convertible bonds of
Petroplus Finance Limited. The primary goal of Petroplus'
Board of Directors is to ensure that operations are safely
shut down and to preserve value for all stakeholders. The
Board of Directors has resolved to prepare for a filing for
insolvency or composition proceedings ("Nachlassstundung") in
Switzerland and will make the necessary filings as soon as
possible. Similar steps are being taken by Petroplus
subsidiaries in various jurisdictions. The filing of
insolvency proceedings by any entity that is a guarantor of
the senior notes, including Petroplus Holdings AG, Petroplus
Refining and Marketing Ltd. and Petroplus Holdings France
SAS, will result in an automatic acceleration of the senior
notes.
Jean-Paul Vettier, Petroplus' Chief Executive Officer, said,
"It is unfortunate to have reached the point where the
Executive Committee and Board of Directors have to inform our
employees, shareholders, bondholders and other stakeholders
about these circumstances. We have worked hard to avoid this
outcome, but were ultimately not able to come to an agreement
with our lenders to resolve these issues given the very tight
and difficult European credit and refining markets. We are
fully aware of the impact that this will have on our
workforce, their families and the communities where we have
operated our businesses."
Further information will be communicated in due course.
Contact information: Petroplus Holdings AG
Fredrik Olsson; +41 (0) 58 580 1244
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| Documents associés | |
| Petroplus Announces Acceleration of Revolving Credit Facility and Event of Default under Its Bonds |
