Montgomery McCracken Successfully Obtains Confirmation of O.W. Bunker Debtors’ Liquidation Plans
December 18, 2015
Types : Press Releases
A team of Montgomery McCracken bankruptcy and maritime attorneys led by Natalie D. Ramsey, Richard G. Placey, Davis Lee Wright, Mark A. Fink, Vincent M. DeOrchis, Robert E. O’Connor, and Kaspar Kielland successfully represented O.W. Bunker North America Inc. (“OWB NA”) and O.W. Bunker USA Inc. (“OWB USA”, together, the “OWB Debtors”) in connection with confirmation of their Chapter 11 plans of liquidation. The liquidation plans received overwhelming support from voting creditors and the Official Committee of Unsecured Creditors appointed by the Office of the United States Trustee.
The plans contained a settlement with the OWB Debtors’ largest secured creditor, ING Bank, which asserted a secured lien in excess of $750 million. The OWB Debtors have estimated that holders of OWB USA unaffiliated trade claims and OWB NA unaffiliated trade claims would recover 39.9% and 25.6%, respectively, if certain conditions are met. More than $19 million in receivables have been collected to date for payment to the estates’ creditors.
The OWB Debtors’ bankruptcy was precipitated by the sudden collapse of their parent, OWB Denmark, which had been the world’s largest marine fuel supplier, causing a flood of litigation throughout the global maritime industry giving rise to unprecedented bankruptcy and maritime issues.
Ramsey, Placey, Wright, and Fink are members of Montgomery McCracken’s Bankruptcy and Reorganization practice group which assists clients in all phases of workouts, financial restructuring, and bankruptcy reorganizations. DeOrchis, O’Connor, and Kielland are members of the firm’s Maritime and Transportation practice group which serves all sectors of the maritime industry including bunker suppliers, ship owners, charterers, insurers, pilots, cargo owners, shipyards, terminals, commodities traders, and non-vessel operating common carriers. Together, these practice groups provide in-depth knowledge and experience to a wide range of clients in complex maritime bankruptcies.
About Montgomery McCracken Walker & Rhoads LLP
Montgomery McCracken is a multidisciplinary law firm with more than 120 attorneys in offices in Pennsylvania, New York, New Jersey and Delaware. Its attorneys provide legal services to clients in a wide range of industries both nationwide and internationally. Follow the firm on Twitter at @MMWR_Law.