The Debt-Restructuring Moratorium and the Role of the Administrator in Brief

By the Provisional Administrators of Petroplus Refining Cressier SA

The task: to safeguard creditors’ rights

The task of the provisional administrators is to look after the interests of all creditors by supervising the business activities of the company which has filed petitions to the debt-restructuring judge for a debt-restructuring moratorium at the debt-restructuring judge of Littoral and Val-de-Travers in the Canton of Neuchâtel. The provisional administrators must also assess the asset, profit and income situations of this company and its prospects for debt restructuring.

Time-scale: two months to report to the judge

The provisional administrators have roughly two months to make their report to the debt-restructuring judge of Littoral and Val-de-Travers in the Canton of Neuchâtel (until 21 March 2012). The judge will decide from this report whether to grant an ordinary debt-restructuring moratorium to this company.

The creditors: employees, customers, suppliers and providers of loans and credits

The provisional administrators represent the interests of all creditors of Petroplus Refining Cressier SA. The creditors are employees, customers, suppliers and providers of loans and credits. The privileges of individual groups of creditors are not a factor at the present stage of the proceedings. 

The next steps: summary, inventory, prioritisation and business supervision

The provisional administrators gain an overall view of the financial situation of the company concerned, and review its liquidity with a view to a definitive debt-restructuring moratorium. They compile an inventory of its assets and its profit and income situations. At the same time they must supervise the continued practical pursuit of its business activities and intervene if creditor interests are jeopardised. Finally they must prevent individual creditors from disrupting the restructuring efforts to their own advantage.



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