RE: Rhein Petroleum in insolvency according to link6 Aug 2024 15:52
Like I said, this may be the "formal process" referred to in the RNS. In Germany, Insolvency proceedings are generally separated into two phases – preliminary insolvency proceedings and (actual/opened) insolvency proceedings.
I believe we are now in the preliminary phase which can take 6 to 12 weeks. At the end of this either it will proceed to insolvency or move away from it.
If 90% of their creditors were supportive as the RNS suggested, then it is highly likely that this preliminary insolvency is just to agree and finalise details of payment deferrals.