OW Bunker files for bankruptcy
(Thomson Reuters ONE) -
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.
OW Bunker files for bankruptcy:
http://hugin.info/160189/R/1869959/657587.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: OW Bunker A/S via GlobeNewswire
[HUG#1869959]
Unternehmensinformation / Kurzprofil:
Datum: 07.11.2014 - 19:03 Uhr
Sprache: Deutsch
News-ID 350826
Anzahl Zeichen: 2510
contact information:
Town:
Noerresundby
Kategorie:
Business News
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