BIOPETROL INDUSTRIES AG: Business Update
BIOPETROL INDUSTRIES AG / Key word(s): Strategic Company Decision/Miscellaneous
15.05.2012 10:03
Dissemination of a Corporate News, transmitted by DGAP - a company of
EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
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BIOPETROL: Business Update
- Market conditions remain very challenging
- Mothballing of site in Pernis
- Invitation to discuss financial situation with largest two creditors
Baar, 15 May 2012: BIOPETROL INDUSTRIES AG, the Switzerland-based producer
of biodiesel and high quality pharmaceutical-grade glycerine, today
announced it will mothball the production site at the location in
Rotterdam-Pernis.
'The market conditions have remained very weak since the beginning of the
year', Maarten Roelfs, Chief Executive Officer said. 'As a consequence of
this challenging environment, we are taking decisive action to minimize our
cost base by concentrating production at our locations in Rotterdam-Botlek
and Rostock.'
Last year BIOPETROL announced the halt of production at the Schwarzheide
plant.
Commenting on the financial situation of BIOPETROL INDUSTRIES AG, Maarten
Roelfs said: 'Our company is facing a very challenging market environment.
Margins continued to worsen in April. As a consequence, our financial
situation has significantly deteriorated since 31 December 2011. We have
unsustainable levels of debt and are therefore seeking to improve the
finances of the company by initiating a restructuring of our balance sheet.
As part of this process, we will continue to try and engage with our main
creditors regarding the financial situation of Biopetrol and a potential
restructuring. These discussions may or may not lead to a capital
restructuring which could have a significant impact on the company'.
BIOPETROL's main creditors are (i) its majority shareholder Glencore
International plc, through its subsidiary Glencore Grain BV, and (ii) its
previous major shareholder and previous chairman of the Board of Directors,
Mr. Werner Klink, through Klink family owned vehicles CALESI AG, VERCAP AG,
VORADA AG and Objecta Nederland Onroerend Goed BV.
On the discussions with the main creditors, Maarten Roelfs specifically
noted that there is no guarantee that an agreement with these two creditors
will be reached.
About the company:
With its German, Dutch and Swiss subsidiaries, BIOPETROL INDUSTRIES AG,
which has its head office in Baar (Switzerland), produces and sells
biodiesel and pharmaceutical-grade glycerine of the highest quality. Among
our customers are the oil industry and oil traders, large-scale fleet
operators, public short-distance transport, as well as the agricultural and
construction industries. The pharmaceuticals and cosmetics industries are
also supplied with glycerine of pharmaceutical quality.
BIOPETROL INDUSTRIES AG has annual production capacities in Schwarzheide,
Rostock and Rotterdam of 1,000,000 tonnes of biodiesel, of which
operational 600,000 tonnes, and 60,000 tonnes of pharmaceutical-grade
glycerine.
Disclaimer
This press release represents neither an offer for sale nor a request for
the submission of an offer to purchase or subscribe to securities. This
announcement and the information contained therein are not intended to be
directly or indirectly passed on to or within the United States of America,
Canada, Australia or Japan.
BIOPETROL INDUSTRIES AG
Baarermattstrasse 3
CH-6340 Baar (Switzerland)
Investor Relations Contact
Gerd Rückel
Phone +49 (0) 69 577 0 300 31
Mail: gerd.rueckel@biopetrol-ind.com
15.05.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
BIOPETROL INDUSTRIES AG / Key word(s): Strategic Company Decision/Miscellaneous
15.05.2012 10:03
Dissemination of a Corporate News, transmitted by DGAP - a company of
EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
BIOPETROL: Business Update
- Market conditions remain very challenging
- Mothballing of site in Pernis
- Invitation to discuss financial situation with largest two creditors
Baar, 15 May 2012: BIOPETROL INDUSTRIES AG, the Switzerland-based producer
of biodiesel and high quality pharmaceutical-grade glycerine, today
announced it will mothball the production site at the location in
Rotterdam-Pernis.
'The market conditions have remained very weak since the beginning of the
year', Maarten Roelfs, Chief Executive Officer said. 'As a consequence of
this challenging environment, we are taking decisive action to minimize our
cost base by concentrating production at our locations in Rotterdam-Botlek
and Rostock.'
Last year BIOPETROL announced the halt of production at the Schwarzheide
plant.
Commenting on the financial situation of BIOPETROL INDUSTRIES AG, Maarten
Roelfs said: 'Our company is facing a very challenging market environment.
Margins continued to worsen in April. As a consequence, our financial
situation has significantly deteriorated since 31 December 2011. We have
unsustainable levels of debt and are therefore seeking to improve the
finances of the company by initiating a restructuring of our balance sheet.
As part of this process, we will continue to try and engage with our main
creditors regarding the financial situation of Biopetrol and a potential
restructuring. These discussions may or may not lead to a capital
restructuring which could have a significant impact on the company'.
BIOPETROL's main creditors are (i) its majority shareholder Glencore
International plc, through its subsidiary Glencore Grain BV, and (ii) its
previous major shareholder and previous chairman of the Board of Directors,
Mr. Werner Klink, through Klink family owned vehicles CALESI AG, VERCAP AG,
VORADA AG and Objecta Nederland Onroerend Goed BV.
On the discussions with the main creditors, Maarten Roelfs specifically
noted that there is no guarantee that an agreement with these two creditors
will be reached.
About the company:
With its German, Dutch and Swiss subsidiaries, BIOPETROL INDUSTRIES AG,
which has its head office in Baar (Switzerland), produces and sells
biodiesel and pharmaceutical-grade glycerine of the highest quality. Among
our customers are the oil industry and oil traders, large-scale fleet
operators, public short-distance transport, as well as the agricultural and
construction industries. The pharmaceuticals and cosmetics industries are
also supplied with glycerine of pharmaceutical quality.
BIOPETROL INDUSTRIES AG has annual production capacities in Schwarzheide,
Rostock and Rotterdam of 1,000,000 tonnes of biodiesel, of which
operational 600,000 tonnes, and 60,000 tonnes of pharmaceutical-grade
glycerine.
Disclaimer
This press release represents neither an offer for sale nor a request for
the submission of an offer to purchase or subscribe to securities. This
announcement and the information contained therein are not intended to be
directly or indirectly passed on to or within the United States of America,
Canada, Australia or Japan.
BIOPETROL INDUSTRIES AG
Baarermattstrasse 3
CH-6340 Baar (Switzerland)
Investor Relations Contact
Gerd Rückel
Phone +49 (0) 69 577 0 300 31
Mail: gerd.rueckel@biopetrol-ind.com
15.05.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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