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OW Bunker chairman says company at risk of bankruptcy
[COPENHAGEN] Danish ship fuel supplier OW Bunker is at risk of going bankrupt as a result of trading losses and a fraud committed by senior employees in its Singapore-based subsidiary, is chairman said on Thursday. "The company is at risk of going bankrupt. We have decided to file for the commencement of a court restructuring process," Niels Henrik Jensen told Reuters.
The chairman said Danske Bank and Nordea still supported the company but, since 11 international banks had withdrawn their support, management had decided to go for an in-court restructuring procedure.
OW Bunker owes the 13 banks US$750 million.