Highly indebted Swiss-based oil refiner Petroplus, after weeks of talks with its creditors, said in a statement on Tuesday it would file for insolvency.

Read the full article: Petroplus to file for insolvency

Inevitable really considering the business model and the huge debt they hold (1.75 billion $). Petroplus announced losses of $750 mm for nine months of '11 and there is little to be hopeful about as refining margins remain desperately low.

They have 5 European refineries that will need to find new operators or close:

Ingolstad: I think can operate profitably and should find a future.
Coryton; probably can too
Cressier: may be saved by its location and the Swiss gasoline needs
Antwerp and Petit Couronne are hopeless and unlikely to survive.