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OW’S US Arms in Talks to Forge ‘Consensual’ Bankruptcy Plan

May 14, 2015

By Tradewinds News

OW Bunker’s US wings and key creditors are seeking to hammer out a “consensual” bankruptcy plan as part of a court-ordered mediation in Connecticut.

The intervention involves ING Bank, which was OW’s main secured creditor when the Danish fuel supplier imploded late last year, and also includes US physical supplier NuStar Energy and a committee of unsecured creditors.

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OW is represented Montgomery McCracken lawyer Robert O’Connor, while Seward & Kissel’s Bruce Paulsen is acting for ING.

“At the very least, a consensual bankruptcy plan may result in fewer competing claimants and, if a broad agreement can be reached among the claimants as to the collection and claims payment, it would eliminate the need for interpleaders and related litigation in most – and in potentially all -cases involving competing claims the debtors, the debtors’ creditors and ING Bank,” O’Connor and Paulsen wrote.

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