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- Pressemitteilung BoxID 508614
BIOPETROL: Business Update
(PresseBox) (Baar, )
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- Market conditions remain very challenging
- Mothballing of site in Pernis
- Invitation to discuss financial situation with largest two creditors
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.
- Market conditions remain very challenging
- Mothballing of site in Pernis
- Invitation to discuss financial situation with largest two creditors
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.
Über BIOPETROL INDUSTRIES AG
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.
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