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The Wall Street Journal: O.W. Bunker’s U.S. Units File for Bankruptcy Protection

November 13, 2014

The Wall Street Journal
By Tom Corrigan

Shipping Fuel Supplier Says It Uncovered $125 Million Fraud at Its Singapore Unit

Denmark’s O.W. Bunker AS on Thursday placed its U.S. subsidiaries in Chapter 11 bankruptcy, just days after the shipping fuel supplier said it had discovered a $125 million fraud committed senior employees at its Singapore unit.

The Danish company put the subsidiaries-O.W. Bunker Holding North America Inc., O.W. Bunker North America Inc. and O.W. Bunker USA Inc.-into Chapter 11 in U.S. Bankruptcy Court in Bridgeport, Conn.

[…]

The three U.S. companies together listed assets between $10 million and $50 million and liabilities between $50 million and $100 million in court filings.

Montgomery McCracken Walker & Rhoads handling the Chapter 11 case. The company’s financial adviser is Alvarez & Marsal.

O.W. Bunker representatives in the U.S. and Denmark couldn’t be reached for comment.

Continue reading the full article at wsj.com.