Petroplus Holdings, Swiss unit's ordinary composition proceedings OK'd

By Caroline Salls

Pittsburgh, March 28 - Petroplus Holdings AG and Swiss subsidiary Petroplus Marketing AG have been granted ordinary composition proceedings by the Cantonal Court of Zug until Sept. 27, according to a company news release.

During the composition proceedings, Petroplus Holdings said it plans to negotiate a disposition of its assets for the benefit of creditors.

According to the release, the company's board of directors has decided to apply for the delisting of the shares of Petroplus Holdings from the SIX Swiss Exchange. The last day of trading is expected to be May 11.

In addition, Petroplus Finance Ltd. has decided to apply for the delisting of its $150 million 4% convertible bond due 2015.

The company said the convertible bonds will continue to be traded and will be moved to the segment for delisted bonds on the SIX Swiss Exchange.

Petroplus Holdings said some of its subsidiaries in various countries have filed for different types of proceedings and are controlled by various administrators or liquidators in each jurisdiction. Several of these subsidiaries have launched asset sale processes.

Petroplus Holdings said it no longer has control over these subsidiaries and does not have full information regarding their current business activities.

As a result, the company said it is unable to produce consolidated financial statements and has applied for an exemption from some regulatory reporting and publicity requirements, including the publication of the fourth-quarter 2011 financial results, the 2011 annual report, the issuance of a corporate calendar and other notification obligations.

Zug, Switzerland-based Petroplus Holdings is an independent refiner and wholesaler of petroleum products in Europe.

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