Biopetrol undergoes restructuring
Switzerland-headquartered biodiesel producer Biopetrol has announced a major corporate restructuring, but will continue output at both its major German biodiesel plants on a short-time working basis.
The short-time basis is being prepared at its 200,000 tonne capacity biodiesel plant in Rostock alongside its previously announced short-time working basis for the 150,000 tonne plant in Schwarzheide, Germany.
The company announced on 16 February it expects losses in 2008 of around €300 million, and will begin talks with a creditor bank and potential investors with the aim of restructuring as an alternative to an insolvency scenario.
‘The impacts of the global financial crisis are only part of the reason for the reduction in sales and margins for biodiesel and glycerine. Above all the politically created chaos of European and in particular German energy policies are the trigger for the desolate business situation of the whole biodiesel industry,’ the company says.
The short-time basis is being prepared at its 200,000 tonne capacity biodiesel plant in Rostock alongside its previously announced short-time working basis for the 150,000 tonne plant in Schwarzheide, Germany.
The company announced on 16 February it expects losses in 2008 of around €300 million, and will begin talks with a creditor bank and potential investors with the aim of restructuring as an alternative to an insolvency scenario.
‘The impacts of the global financial crisis are only part of the reason for the reduction in sales and margins for biodiesel and glycerine. Above all the politically created chaos of European and in particular German energy policies are the trigger for the desolate business situation of the whole biodiesel industry,’ the company says.
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