Petroplus, the largest independent refiner and wholesaler of petroleum products in Europe entered into various insolvency proceedings in Switzerland, England and Wales, France, Germany and Belgium on 24-27 January 2012 after the group failed to reach agreement with its creditors to extend the deadline of its loan repayments.
On 24 January 2012 the parent company, Petroplus Holdings AG, announced that it and its subsidiaries had received notices of acceleration from the lenders under its financing facilities following unsuccessful negotiations to reopen credit lines to the group. The company further went on to say that such acceleration notice triggers default under $1.75 billion of senior notes and convertible bonds. Trading of Petroplus Holdings AG's shares on the Swiss SIX exchange was suspended on Monday, 23 January 2012.
England and Wales
On 24 January 2012 PWC partners Steven Pearson and Stephen Oldfield were appointed as joint administrators of Petroplus Refining and Marketing Limited and Steven Pearson and Ian Green were appointed as joint administrators of Petroplus Refining Teesside Limited.
The administrators act as the company's agent and it is their duty to take control and possession of the assets of the company. They owe their duty to the body of creditors as a whole. The administrators derive their powers from English insolvency legislation and they do not need to seek the approval of a judge in carrying out their actions.
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