Petroplus bonds and CB go bust as defaults rise

Petroplus, the Swiss oil refiner, has become the first European company to default on bonds this year. The company, based in Zug, said today that it had failed to reach agreement with lenders under its revolving credit facility, and that the lenders had in turn served notices of acceleration, initiated enforcement actions and “appointed a receiver in respect of Petroplus Marketing AG’s assets in the UK”.

  • 24 Jan 2012
This constitutes an event of default under the terms of its $1.6bn of senior high yield bonds and $150m of convertible notes, Petroplus said in the statement. The company is preparing to file for insolvency or composition proceedings in Switzerland, a so-called “Nachlassstundung”. Subsidiaries in other countries will ...

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