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Munich (dpa) - The billion-dollar bankruptcy of the Swiss refinery group Petroplus in 2012 finally ended well for the 1400 creditors of the German subsidiaries: They got almost all of the money back at the end of the insolvency proceedings, as insolvency administrator Michael Jaffé announced in Munich on Thursday.
This is very unusual for insolvency proceedings; on average, creditors get less than ten percent of their money back.
According to Jaffé, a total of 566 million euros have been paid out so far.
Petroplus was previously a refinery company operating in several European countries, which expanded rapidly in the years before the bankruptcy, financed with loans.
In 2012, the banks refused further loans, after which the three German subsidiaries had to file for bankruptcy.
Specifically, these were the main company Petroplus Germany, a large refinery in Kösching near Ingolstadt and Petroplus Bayern, which does business in the Free State of Bavaria.
In the main bankruptcy proceedings of Petroplus Germany, the creditors got 97 percent of their money back, according to Jaffé, with a supplement pending.
In the two smaller insolvency proceedings, the rate was even 100 percent.
The refinery was bought in 2012 by the Cypriot oil trading company Gunvor, which still operates it.