Stibbe advises N.V. Zeeland Seaports ("ZSP") on the bankruptcy of Thermphos International B.V. ("Thermphos"), one of the world's largest producers of phosphorus before it was declared bankrupt in November 2012.
ZSP is a public company responsible for the administration and management of the ports of Vlissingen and Terneuzen in the Netherlands. Thermphos has a large chemical plant at premises of which ZSP is the legal owner. Stibbe's work includes advising in relation to an unsuccessful attempt by the bankruptcy trustees to sell and transfer the plant. The main issue currently is who is going to pay for the approximately € 80 milion costs of cleaning the pollution and waste on the premises.