Petroplus Holdings AG today refuted all allegations of fraudulent bankruptcy in France. At the opening of business on January 23, 2012, the total balances on bank accounts held by Petroplus’ French subsidiary, Petroplus Marketing France SAS, at Deutsche Bank were €124 million and $59 million.

During that day Deutsche Bank, one of the lenders under the Revolving Credit Facility (RCF), transferred €122 million and $59 million of this cash that was held on accounts pledged under the RCF out of these accounts.

No Petroplus legal entity provided any instructions or took any actions to transfer these funds from these French accounts. A formal investigation has been opened by the public prosecutor in France.

Tags: Petroplus Holdings AG