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23 May 2012

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Trade credit market set for $100mn+ Petroplus loss

8 February 2012

The $1.75bn insolvency and default of European oil refiner Petroplus Holdings in January is set to be a significant event for the trade credit market, The Insurance Insider has revealed.

It is understood that Petroplus's decision to call in receivers has already resulted in two claims notifications reaching the market - one from a bank and the other from a trading house with oil market exposures. It is also understood that the total gross exposure from the two insureds amounts...

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