December 23 (SeeNews) - Slovenian fuel retailer Petrol [LJE:PETG] said the Ljubljana District Court has turned down a petition, filed by local company H12, to initiate bankruptcy proceedings against Petrol.
"On 22 December 2016, Petrol d.d., Ljubljana received from the Ljubljana District Court a decision by which the Court has rejected the petition, filed by H12 d.d., to initiate bankruptcy proceedings against Petrol d.d., Ljubljana", Petrol said in a Ljubljana bourse filing late on Thursday.
In November, the fuel retailer said it was notified by Ljubljana district court that H12 has applied for the launch of bankruptcy proceedings against Petrol.
Petrol said at the time it has filed an appeal against the bankruptcy proceedings, adding that they are unfounded.
According to local media reports, a member of the H12 board, Peter Faleskini, is responsible for launching the bankruptcy proceedings. Faleskini worked with Petrol on establishing a web portal and application to measure energy use, Monitel, and is seeking reimbursement from Petrol for the continued use of the brand after their cooperation seized, according to an earlier report by news portal Delo.