OW Bunker units file Chapter 11 petitions
The 3 subsidiaries listed assets of US$50m against debt of US$100m
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THREE US units of OW Bunker, the Danish shipping-fuel supplier that went from a US$1 billion valuation after its initial public offering in March to bankruptcy last week, sought creditor protection in Connecticut.
The subsidiaries filed Chapter 11 petitions on Thursday in US Bankruptcy Court in Bridgeport, listing assets of as much as US$50 million against debt of as much as US$100 million. The parent filed for bankruptcy on Nov 7 in Denmark, blaming a US$125 million internal fraud and risk management failures.
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