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

By the Provisional Administrators of Petroplus Holdings AG

30 January 2012

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 companies which have filed petitions to the debt-restructuring judge for a debt-restructuring moratorium. At present these companies are: Petroplus Holdings AG, Petroplus Marketing AG and Petroplus Tankstorage AG. The provisional administrators must also assess the asset, profit and income situations of these companies and their prospects for debt restructuring. In other words it is their task to find the best way forward from the unattractive options left open to these companies.

Time-scale: two months to report to the judge

The provisional administrators have roughly two months to make their report to the competent debt-restructuring judge in Zug. The judge will decide from this report whether to grant an ordinary debt-restructuring moratorium to each company individually.

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

The provisional administrators represent the interests of Petroplus Holdings AG, Petroplus Marketing AG and Petroplus Tankstorage AG. 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 companies concerned, and review their liquidity with a view to a definitive debt-restructuring moratorium. They compile an inventory of their assets and their profit and income situations. At the same time they must supervise the continued practical pursuit of their 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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