Petroplus to file for insolvency Petroplus has facilities across Europe, including the Coryton oil refinery in the UK Continue reading the main story
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Swiss oil refiner Petroplus has said it will file for insolvency after failing to reach an agreement with creditors to extend deadlines for loan repayments.
The UK subsidiary of the firm, which owns the Coryton oil refinery in Essex, has appointed PricewaterhouseCoopers (PwC) as administrators.
Shares in the company, which is Europe's largest independent oil refiner, were suspended on Monday.
Petroplus had its credit lines frozen by its lenders in December 2011.
Its credit rating was downgraded by Standard and Poor's earlier this month on fears of the company defaulting on its debt.
"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," said Petroplus chief executive Jean-Paul Vettier.
"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."
'Restructuring options'
The Coryton refinery is owned and operated by Petroplus Refining and Marketing Limited and employs about 500 staff and 350 contractors. It supplies about 20% of fuel for London and the South East.
Related Stories
Job fears for Essex oil refinery
Petroplus share trading suspended
MEP warns 1,000 oil jobs at risk
Swiss oil refiner Petroplus has said it will file for insolvency after failing to reach an agreement with creditors to extend deadlines for loan repayments.
The UK subsidiary of the firm, which owns the Coryton oil refinery in Essex, has appointed PricewaterhouseCoopers (PwC) as administrators.
Shares in the company, which is Europe's largest independent oil refiner, were suspended on Monday.
Petroplus had its credit lines frozen by its lenders in December 2011.
Its credit rating was downgraded by Standard and Poor's earlier this month on fears of the company defaulting on its debt.
"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," said Petroplus chief executive Jean-Paul Vettier.
"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."
'Restructuring options'
The Coryton refinery is owned and operated by Petroplus Refining and Marketing Limited and employs about 500 staff and 350 contractors. It supplies about 20% of fuel for London and the South East.
