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”.
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