OW Bunker has placed its three U.S. subsidiaries in Chapter 11 bankruptcy just days after the Danish group confirmed that OW Bunker A/S, O.W. Bunker & Trading A/S, O.W. Bunker Supply & Trading A/S, O.W. Cargo Denmark A/S, Wrist Marine Supplies A/S and Dynamic Oil Trading A/S were under formal bankruptcy proceedings.
The three U.S. subsidiaries -
O.W. Bunker Holding North America Inc.,
O.W. Bunker North America Inc. and
O.W. Bunker USA Inc. - filed Chapter 11 petitions on Thursday in U.S. Bankruptcy Court in Bridgeport, Connecticut.
The U.S. units together listed assets between $10 million and $50 million and liabilities between $50 million and $100 million in court filings.
The biggest unsecured creditor is Texas-based
NuStar Energy LP with a $20.6 million claim, followed by
Phillips 66 Co., owed $12.9 million; and
Tesoro Marine Services, owed $2.3 million. All three claims were listed as disputed by OW Bunker.
OW Bunker in North America
OW Bunker launched its first office in North America in May 2012. Houston-based O.W. Bunker USA Inc. was headed by Hans Staal, previously a manager at OW Bunker Malta.
OW Bunker then began its physical supply activities in North America with the launch of its Gulf of Mexico operation in November 2012, under the company name O.W. Bunker North America Inc., based in Stamford, Connecticut. The 22,000-deadweight-tonne (dwt) vessel Elisalex Schulte was taken on a long-term time charter and operated in international waters off both the Texas and Louisiana coastlines.
Adrian Tolson, former Vice President of Sales and Marketing at Chemoil Energy and Marketing Director of Oil Liquids at Noble Group, was named Regional Manager, North America. Ten months later, he took on a new role to head up both trading and physical operations in North America.
In February 2014, OW Bunker signed an agreement with
UNIPEC America to supply bunker fuel ex-pipe at the
Battleground Oil Specialty Terminal (BOSTCO) fuel oil terminal in Houston.
In March 2014, OW Bunker launched its physical supply operation in
Los Angeles and
Long Beach. This was followed in June by the launch of physical distribution services in
New York and
New Jersey.
Philadelphia-headquartered Montgomery McCracken Walker & Rhoads will be handling the Chapter 11 case. The company’s financial adviser is Alvarez & Marsal, whose co-founder, Bryan Marsal, was appointed Lehman Brothers' Chief Restructuring Officer in 2008.
