Shares in the company, which is Europe's largest independent oil refiner and owns the Coryton oil refinery in Essex in the UK, were suspended on Monday.

Petroplus had its credit lines frozen by its lenders in December 2011.

Its credit rating was downgraded by Standard and Poor's earlier this month on fears of the company defaulting on its debt.

"We have worked hard to avoid this outcome, but were ultimately not able to come to an agreement with our lenders to resolve these issues given the very tight and difficult European credit and refining markets," said Petroplus chief executive Jean-Paul Vettier.

"We are fully aware of the impact that this will have on our workforce, their families and the communities where we have operated our businesses."

A group of European parliamentarians, including East of England MEP Richard Howitt, have been meeting to discuss ways to save jobs at Petroplus, which has facilities in France, Germany, Belgium, Switzerland and the UK.

The group met European Union Employment Commissioner Laszlo Andor last week to consider what options may be available.

The group is set to meet European Energy Commissioner Gunther Oettinger later this week.

Petropape will buy them out, if Miss Pape has turned enough tricks

PetroPape. Put a big bloated turd in your tank.
Beegly Beagly.

OK

fill me in

HOW THE FUCK DOES A PETRO-COMPANY GO BUST?


On second thoughts; blame the liberals.

bush's fault

Soon to be traded on the NYSE.

Dale puts the prat in corpration