Oil Refiner Petroplus Announces Insolvency

Law360, New York (January 24, 2012, 1:16 PM EST) -- Petroplus Holdings AG, the largest independent oil refiner in Europe, said Tuesday it was preparing to file for insolvency and shut down some operations after learning Monday that it would not receive an extension of its line of credit.

The Zug, Switzerland-based company, which also operates refineries in the U.K., France, Belgium and Germany, received notices of acceleration from its creditors, putting it in default of the $1.75 billion it owes in outstanding senior notes and convertible bonds, the company said.

The oil refiner had been...
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