November 23 (SeeNews) - Slovenian fuel retailer Petrol [LJE:PETG] said it was notified by Ljubljana district court that local company H12 dejavnost holdingov has applied for the launch of bankruptcy proceedings against it.
"The application for the commencement of bankruptcy proceedings being unfounded, Petrol immediately lodged an appeal against it, and we are certain it will be rejected or dismissed by the Court at the earliest time possible", Petrol said in a filing with the Ljubljana bourse late on Tuesday.
Petrol added it has no business relations with H12 and no liabilities to this company.
The fuel retailer added that it "has already initiated necessary procedures against H12 and the persons in charge, and will continue to pursue all legal remedies in order to protect its interests".
"The company Petrol d.d., Ljubljana and the Petrol Group operate at a profit and regularly settle their liabilities to all creditors", the fuel retailer said.
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 news portal Delo.
Earlier this month, Petrol reported an 18% jump in nine-month net profit to 57.2 million euro ($60.6 million).
On 24 June 2016, Standard & Poor's Ratings Services affirmed Petrol's "BBB-" long-term credit rating, its "A-3" short-term credit rating and its "stable" credit rating outlook.
At the end of September, the Petrol Group operated 485 service stations, of which 314 were in Slovenia, 105 in Croatia, 36 in Bosnia and Herzegovina, 9 in Serbia, 10 in Montenegro and 11 in Kosovo.
($=0.941528 euro)