Recovery Deal Signed for OW Bunker Far East

Liquidators from KPMG and receivers represented by PricewaterhouseCooopers (PWC) have signed a cooperation agreement to ensure that the outstanding debt to OW Bunker’s Singapore unit is quickly and easily resolved.

The recovery deal, reached today in Singapore, is aimed at facilitating the prompt collection and receipt of all receivables owed to OW Bunker Far East (OWB), the objective being maximizing recovery while preserving the rights of all parties concerned,  Danish media cited KPMG as saying in a statement. The cooperation also stipulates formation of a creditors committee.

The creditors’ meeting confirmed the appointment of the Provisional Liquidators, Messrs Bob Yap Cheng Ghee, Chay Fook Yuen and Tay Puay Cheng, as liquidators.

KMPG said that OWB owed an estimated $330 million to largely unsecured trade creditors.

World Maritime News Staff