Petroplus says investor appeal may delay delisting

ZURICH: Insolvent oil refiner Petroplus cautioned that the swift delisting of its shares may hit a snag if the appeal of an undisclosed shareholder is backed by the Swiss bourse.

"The appeals board of the SIX Swiss Exchange has not yet decided if it will hear the appeal. The last day of trading might be deferred by up to six weeks if the appeal is heard," Petroplus said in a statement late on Friday.

Swiss-based Petroplus, which went into administration in January, began its demise after refining margins the value of oil products over the cost of the crude from which they are extracted collapsed.

Petroplus is now planning to sell its refineries in several European countries as part of insolvency proceedings triggered by high debt.