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Bunkers International Corp files for Chapter 11 bankruptcy protection

Bunkers International Corp files for Chapter 11 bankruptcy protection
Florida-headquartered Bunkers International Corp has filed for Chapter 11 bankruptcy protection, which it blamed on primary lender ceasing to support the company.

Bunkers International said it had filed for Chapter 11 for itself and affiliated companies.

“The companies were forced to take this action after their primary lender ceased lending and swept all available cash,” the company said in a statement.

“Bunkers intends to continue to operate during the chapter 11 process and restructure its debts in an efficient manner.”

The filing is bad news for creditors of Bunkers International with outstanding debts prior to the filing. “Although the Bankruptcy Code does not allow the company to pay for goods and services incurred prior to the filing date, the company will be current on all post‐filing obligations,” the company said.

Bunkers International has offices in Florida, New York, Colombia, UK, Greece, South Africa and Singapore employing over 100 worldwide. The company was founded in Colombia in 1995 by chairman and ceo John Canal.

For further enquiries the statement referred to company lawyer . Scott Shuker
Latham of Shuker, Eden & Beaudine in Orlando.

Bunkers International is not the first international bunker supplier to be hit the wall in the last 12 months. One of the world’s largest suppliers OW Bunker went bankrupt almost over night last November following revelations of $275m in losses on derivatives and credit sleeving.