English
Published: 2014-11-07 19:02:39 CET
OW Bunker A/S
Company Announcement
OW Bunker files for bankruptcy
COMPANY ANNOUNCEMENT
7 November 2014
No. 27/2014



                         OW
BUNKER FILES FOR BANKRUPTCY

Following the announcement on November 6, 2014
(company announcement 26/2014)
regarding in-court restructuring procedures in
the subsidiaries O.W. Bunker &
Trading A/S and O.W. Supply & Trading A/S at the
probate court in Aalborg, the
board of directors and management deeply regret
to inform that it has not been
possible to find a sustainable solution. As a
consequence, OW Bunker A/S, O.W.
Bunker & Trading A/S and O.W. Supply & Trading
A/S file for bankruptcy.

As a result of the internal investigation it has been
decided to report two key
employees in the Singapore-based subsidiary Dynamic
Oil Trading (DOT) to the
police pursuant to section 299 of the Danish penal
code and to relieve them of
duty immediately.

Chairman of the Board of
Directors, Niels Henrik Jensen said:
"Since the credit facility was closed down
on Wednesday, the underlying business
has eroded significantly. The banks hold
mortgage over all receivables and
consequently, without the provision of new,
significant credit facilities in the
immediate future, it is not possible to
save the remaining business. It is now
clear that such facilities will not be
made available. Nor is a sale as going
concern a realistic option. We are
therefore left with no option but to file for
bankruptcy. On behalf of the
entire board of directors and management, we deeply
regret this outcome and the
consequences affecting the company, its employees,
shareholders and business
partners."

The actual bankruptcy will be filed as soon as possible to the
probate court in
Aalborg.




[HUG#1869959]

 


OW Bunker files for bankruptcy.pdf