Petroplus

Petroplus Holdings AG, headquartered in train was a formerly publicly traded, international company operating in the oil refining industry. On January 25, 2012, Petroplus to file for bankruptcy and on April 4, 2012, the insolvency proceedings were opened. On 24 May 2012, the shares trade on the stock exchanges has been set.

History

Petroplus was founded in 1993 as Petroplus International BV founded in the Netherlands and brought to the Amsterdam Stock Exchange in 1998.

On 17 March 2005, the majority of shares in Petro Plus of the RIVR Acquisition BV was bought, a subsidiary of RIVR Holding BV, a holding company of private equity firms Carlyle Group and Riverstone. As a result, the remaining shareholders a takeover offer has been made and Petroplus delisted from the Euro Next on 19 April 2005.

On 20 February 2006, the Argus Atlantic Energy Limited was incorporated in Bermuda; in May was the replacement of the entire management of Petroplus. In August 2006, Argus with RIVR Acquisition was fused by an exchange of shares between the RIVR Holding and Argus. On 22 August 2006 was the seat of Argus in Switzerland, moved to train and changed the name to Petroplus Holdings AG. Due to the stock exchange held the RIVR Holding BV 94.5 % of Petroplus Holdings AG.

On 30 November 2006, the IPO of the "new" company, which has since been listed on the SWX Swiss Exchange in Zurich under the symbol PPHN and the Swiss Performance Index (SPI ) was listed. The price per share was set during the bookbuilding process at a price range 55-68 Swiss francs. Calculated using the mean value, the newly issued 18 million shares corresponded to a newly recorded capital of approximately 1.107 billion francs, which totaled along with the other 22 million shares on a subscription volume of 2.46 billion francs, with which the IPO Petroplus the greatest thing the Swiss Stock Exchange since 2001.

On April 13, 2007, Petroplus Holdings AG had obtained additional capital to fund further expansion. There were a total output of up to 7.6 million shares.

The Company had in those days about assets in the UK ( Teesside refineries and Coryton ), Germany ( Ingolstadt refinery ), Belgium ( BRC Antwerp Refinery ) and Switzerland ( Cressier ). The announced in August 2007 entry into France through the acquisition of the Petit Couronne and Reichstett of Royal Dutch Shell was completed on 1 April 2008.

Due to pending investment in the refinery in Teesside, was decided not to continue the refinery operation. The plant was taken out of service in 2009 in the second quarter and converted into a pure marketing and storage facility during the year 2010.

As can be seen from a press release dated 9 April 2010 the Group has been awarded the U.S. company Valero Energy entered into an agreement to acquire a refinery plant in Delaware City, including an attached power plant with a capacity of 218 megawatts. The refinery has a capacity of 190,000 barrels per day and was taken in the wake of declining refining margins previously by Valero from the operation. The purchase price for the refinery was estimated at 170 million U.S. dollars, while the price is for the power plant at 50 million U.S. dollars. The refinery is to be put back into operation in the first half of 2011 after conducting extensive maintenance. The operation of terminal facilities is not interrupted.

The end of 2011 the company were the loans in the amount of one billion dollars from several banks - one speaks of their 13 - locked. Thus, the for some time already tight financial situation was precarious; Petroplus announced the closure of three refineries Cressier, Petit Couronne and Antwerp at the beginning of 2012, as there is not enough cash for the purchase of necessary for refining crude oil are available. On 20 January 2012, the intention to sell the location Petit Couronne has been published.

On January 24, 2012, Petroplus announced the failure of negotiations with the lenders known and prepared the application for bankruptcy proceedings in Switzerland and the relevant insolvency proceedings for foreign subsidiaries.

Facilities

Petroplus possessed in the course of their business activities on installations at the following locations:

• Cressier Shell refinery acquired in May 2000, sold on May 23, 2012 to the Varo Holding.

• Coryton BP refinery adopted on 31 May 2007

• Antwerp BRC refinery adopted on 31 May 2006 sold on February 2, 2012 to Gunvor.

• Ingolstadt ExxonMobil refinery adopted on 31 March 2007, sold on May 31, 2012 to Gunvor.

• Petit Couronne Shell refinery adopted 31 March 2008, sold on 24 February 2012 at Royal Dutch Shell.
• Reichstett Shell refinery adopted 31 March 2008, out of service since April 2011 ( terminal mode )