OW Bunker units file Chapter 11 petitions
The 3 subsidiaries listed assets of US$50m against debt of US$100m
New York
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
India's Vedanta misses Q4 profit estimates on lower prices
BHP targets Anglo American in bid valuing miner at US$39 billion
China's Sinopec charts global expansion with refinery in rival India's backyard
Gold trades in tight range as market focuses on US economic data
Oil settles lower as US business activity cools, concerns over Middle East ease
Orsted says Taiwan wind project to power TSMC on track for 2025 finish