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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Box-By-The-Riviera™ who wrote (86218)	1/23/2012 1:45:33 AM
From: elmatador	Respond to of 220335

"equilibrium planet wide..." Box gave a new name to the rebalancing... Long time ago one could with his hard currency find a place where that currency bought a nice life. Not anymore. Good places are expensive. Bad places are cheap. Which should be the norm. Those who entered the country before it shot up did well.

To: Box-By-The-Riviera™ who wrote (86218)	1/24/2012 6:18:53 AM
From: elmatador	Respond to of 220335

Demand destructed: Swiss Oil Refiner Petroplus to File for Insolvency LONDON — Petroplus Holdings, the largest independent oil refiner in Europe, said on Tuesday that it was filing for insolvency after its creditors demanded repayment on $1.75 billion of outstanding debt. Petroplus, based in Zug, Switzerland, had been in negotiations with lenders to gain access to much-needed credit. It, like oil refiners across Europe, has been struggling with falling consumer demand and dwindling margins due to an economic downturn and continued high global oil prices. The company said it was filing for insolvency in Switzerland, and would file similar paperwork in other European countries where it has operations, including France, Germany and Britain. No timing was given on the legal proceedings, and a company spokesperson could not be reached for comment. Insolvency is when a company’s debts exceed its assets and cash flow, and may lead to bankruptcy. Petroplus said it had been unable to reach agreement with creditors who on Monday had demanded repayment of outstanding senior notes and convertible bonds. Lenders also have started enforcement actions and appointed a receiver to oversee the liquidation of Petroplus’s marketing operations in Britain, the company said. “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,” the Petroplus chief executive, Jean-Paul Vettier, said in a statement. The company’s share price dropped 81 percent on Tuesday in early trading in Switzerland. Petroplus’ stock was suspended on Monday and has fallen more than 90 percent over the last 12 months. Ratings agency Standard & Poor’s downgraded the company’s rating for the second time in less than a month on Jan. 17. Last week, the Swiss oil refiner said it was looking to sell its operations in France, Belgium and Switzerland in an effort to gain access to credit. Petroplus had shut down its refining units in those countries earlier in January after it ran out of money to buy crude oil.