The fuel supplier which declared bankruptcy in Denmark last week, has filed for bankruptcy protection for its US companies in Connecticut courts, Bloomberg reported.
The US companies had debts of up to $100m and assets worth $50m. OW Bunker has four companies under formal bankruptcy proceedings in Denmark – OW Bunker, OW Bunker & Trading, OW Bunker Supply & Trading and OW Cargo Denmark.
The Danish headquarter fuel supplier filed for bankruptcy last Friday just two days after it revealed a $125m fraud at subsidiary Dynamic Oil Trading in Singapore, and $150m in risk management losses.
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