ZUG, Switzerland--(BUSINESS WIRE)--Mar. 28, 2012-- Regulatory News:

Petroplus Holdings AG (SIX: PPHN) today announced that it and its Swiss subsidiary, Petroplus Marketing AG, have been granted ordinary composition proceedings ("definitiveNachlassstundung") by the Cantonal Court of Zug for a period of 6 months (until September 27, 2012).

In the course of the ordinary composition proceedings, Petroplus Holdings AG is intending to negotiate a disposition of its assets for the benefit of its creditors ("Nachlassvertrag mit Vermögensabtretung").

The Board of Directors has further decided to apply for the delisting of the shares of Petroplus Holdings AG from the SIX Swiss Exchange. The last day of trading of the Company's shares is expected to be May 11, 2012.

Petroplus also announced that Petroplus Finance Limited decided to apply for the delisting of the USD 150 million 4% Convertible Bond due 2015 (PFL09, ISIN: CH0105325853) issued by Petroplus Finance Limited and that the convertible bonds will continue to be traded and will be moved to the segment for delisted bonds on the SIX Swiss Exchange.

As certain Petroplus subsidiaries in various countries have filed for different types of proceedings, these subsidiaries are controlled by various administrators or liquidators in each jurisdiction. Several of these subsidiaries and their administrators have launched sales processes for their assets, amongst which are the refineries, for which a certain interest has been reflected. Consequently, Petroplus Holdings AG no longer has control over these subsidiaries and does not have full information regarding their current business activities. As a result Petroplus is unable to produce consolidated financial statements. Therefore the Company has applied for an exemption from certain regulatory reporting and publicity requirements. These requirements include the publication of the fourth quarter 2011 financial results, the Annual Report 2011, the issuance of a corporate calendar and certain other notification obligations. Petroplus will inform the public when the exemption is granted, in accordance with the ad-hoc publicity rules.

Source: Petroplus

Petroplus Holdings AG
Fredrik Olsson;
+41 (0) 58 580 1244

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This press release was issued by Petroplus Holdings AG and was initially posted at http://investors.petroplusholdings.com/phoenix.zhtml?c=157968&p=irol-newsArticle&ID=1677462&highligh t= . It was distributed, unedited and unaltered, by noodls on 2012-03-28 07:14:22 AM. The issuer is solely responsible for the accuracy of the information contained therein.