Zug, Switzerland, January 24, 2012 – Petroplus Holdings AG (SIX: PPHN) today announced that its subsidiaries in the United Kingdom, Petroplus Refining & Marketing Ltd. (“PRML”), which owns the Coryton refinery, and Petroplus Refining Teesside Ltd., which owns the Teesside Marketing & Storage facility, applied for and were granted administration orders. As a result of the administration order with respect to PRML, the $1.6 billion aggregate principal amount of outstanding senior notes of Petroplus Finance Ltd. have accelerated. The Court today appointed PricewaterhouseCoopers as administrator for the assets of the above companies.

UPDATE: 25/01/2012 @ 22:35

Petroplus Provides Update Regarding Proceedings

ZUG, Switzerland–(BUSINESS WIRE)–Jan. 25, 2012–

Regulatory News:

Petroplus Holdings AG (SIX: PPHN) today announced that it and its subsidiary in Switzerland, Petroplus Marketing AG, filed for composition proceedings (“Nachlassstundung”).

Petroplus also announced that its subsidiaries in Germany, Marimpex Mineralöl-Handelsgesellschaft mbH, Petroplus Deutschland GmbH, Petroplus Bayern GmbH, Petroplus Tankstorage Holding Deutschland GmbH and Petroplus Raffinerie Ingolstadt GmbH, which owns the Ingolstadt refinery, filed for insolvency proceedings. The Court today appointed Jaffé Rechtsanwälte Insolvenzverwalter as administrator for the assets of the above companies.

Petroplus further announced that its subsidiaries in France, Petroplus Holdings France SAS, Petroplus Marketing France SAS, Petroplus Raffinage Reichstett SAS and Petroplus Raffinage Petit-Couronne SAS, which owns the Petit Couronne refinery, filed for rehabilitation proceedings (“redressement judiciaire”). The Court today appointed FHB Administrateurs Judiciaires as administrator for the assets of some of the above companies.

Petroplus Holdings AG will provide further updates to the public as needed and further information regarding the proceedings will be provided on the Investor Relations section of our website at http://investors.petroplusholdings.com.

Source: Petroplus Holdings AG

Petroplus Holdings AG
Fredrik Olsson; +41 (0) 58 580 1244

Zug, Switzerland, January 24, 2012 – Petroplus Holdings AG (SIX: PPHN) today announced that it and its subsidiaries received notices of acceleration yesterday from the lenders under its Revolving Credit Facility. During the past several weeks, Petroplus has been negotiating with these lenders to reopen credit lines needed to maintain operations and meet financial obligations. In addition, the Company has been seeking to arrange alternative financing and liquidity facilities, as well as other strategic options.

The negotiations with the lenders under the Revolving Credit Facility have not been successful (despite the Company having reached an agreement for crude oil supply) and they have served notices of acceleration, commenced enforcement actions and appointed a receiver in respect of Petroplus Marketing AG’s assets in the UK. Such acceleration constitutes an event of default under the $1.75 billion aggregate principal amount of outstanding senior notes and convertible bonds of Petroplus Finance Limited. The primary goal of Petroplus’ Board of Directors is to ensure that operations are safely shut down and to preserve value for all stakeholders. The Board of Directors has resolved to prepare for a filing for insolvency or composition proceedings (“Nachlassstundung”) in Switzerland and will make the necessary filings as soon as possible. Similar steps are being taken by Petroplus subsidiaries in various jurisdictions. The filing of insolvency proceedings by any entity that is a guarantor of the senior notes, including Petroplus Holdings AG, Petroplus Refining and Marketing Ltd. and Petroplus Holdings France SAS, will result in an automatic acceleration of the senior notes.

Jean-Paul Vettier, Petroplus’ Chief Executive Officer, said, “It is unfortunate to have reached the point where the Executive Committee and Board of Directors have to inform our employees, shareholders, bondholders and other stakeholders about these circumstances. 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. 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.”

Further information will be communicated in due course.

Contact information:
Petroplus Holdings AG
Fredrik Olsson; +41 (0) 58 580 1244

How’s your broadband speed? Are you chugging along at a fair lick or stuck in the data doldrums? Things have improved since the days of dial-up but services such as online gaming, video on demand, video conferencing are putting the old copper cable under increasing strain. It is also something of a lottery when it comes to speed. Advertised speeds seem like science fiction in some cases. But soon these problems may be distant, nostalgic memories.
Over the next five years, BT is rolling out the next generation of broadband service it calls BT Infinity. This is a fibre optic network where the signals that travel across the network are not electrical but pulses of light. The capacity of fibre networks greatly exceeds that of copper wire. To have a fibre link to the home has been the dream of telecoms engineers and knowledgable consumers for many years. It promises greatly increased speed and improved level of service particular for video and large files. Unlike copper wire, it does not depend on how far you are from the telephone exchange which means that everyone can enjoy high-speed internet goodness.
On the BT infinity website, there is a campaign to measure consumer’s interest for the new service. A vote is taking place online. The five regions with the greatest interest, by December 31st 2010, will have the chance of fibre optic line installed in their region. The votes are decided as a percentage of the number of people living in the region so there’s everything to play for for small rural towns. You can also use social networks Twitter and Facebook to help spread the word.
Make that drible of data coming out of your wall into a torrent of bits. Get to the site and stand up for your region. What are you waiting for, vote NOW!

When do you usually stock up on heating oil? Autumn? Before Christmas? Or at some other time of year? We’re sure our other customers would be interested to compare notes! (more…)

Gas and electricity suppliers do something similar; phone providers do it and now BoilerJuice could be doing it too… if you’d like us to.

Basically, the plan would be for you to pay for your heating oil on a monthly payment basis so you build up a ‘Tank Account’ of savings to go towards each heating oil purchase. (more…)

Energy bills can be a burden when you’re earning a salary, let alone when you’re living on a pension. But not all pensions are the same. Take the £28 million pay-and-pension package recently awarded to one of the gas industry’s ‘fat cats’, for instance. Although at 56 this particular gentleman is not yet eligible for the Winter Fuel Payment, in four years time he will be.

The point is… should he (and all the other ‘fat cats’ out there) receive the same Winter Fuel Payment as my elderly neighbour who survives on a weekly state pension of just £97.6 and who struggles to pay his electricity and heating oil bills?

(more…)

I have my central heating on first thing in the morning and in the evening to keep costs down. But my friend says it is cheaper to have it on all the time. What do you think?

As the winter fast approaches us the central heating will be going back on in numerous households throughout the UK.  But let’s have a look at some of the more crazy ways that people try to heat up their homes every winter.

(more…)