OW Tanker Saves Its Assets through Alba’s Takeover

OW Tanker A/S, a unit of Danish oil trader OW Bunker, has been taken over by Alba Tanker ApS, thus securing the company’s assets, according to Agence France-Presse (AFP).

The agreement was reached on Wednesday, November 26th by the OW Tanker’s former management, company liquidators and lenders, AFP writes.

The board of the newly formed Alba Tanker ApS includes trustees from Danish law firms Gorrissen Federspiel and Plesner.

OW Tanker’s fleet consists of  10 owned and 19 chartered 19 vessels, as written on the company’s website.

According to Peter Fogh, partner at Plesner Law Firm, seven ships have been transferred to the liquidators’ company that will most probably be sold, Danish daily newspaper Fyens Stiftstidende informed.

OW Bunker filed for bankruptcy protection on November 7 having reported a loss of at least USD 275 million resulting from a fraud by senior employees at Singapore subsidiary and mark-to-market losses.

The bankruptcy has had a ripple effect on Danish and Singapore units, along with those in the US.

World Maritime News Staff