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- 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 - Dynamic Oil Trading A/S Bankruptcy trustees are John Sommer Schmidt and Pernille Bigaard. OW Bunker - Bankruptcy order issued 7 November 2014 In continuation of company announcement no. 27/2014, the probate court in Aalborg has now issued bankruptcy order in OW Bunker A/S. Pernille Bigaard, Plesner and John Sommer Schmidt, Gorrissen Federspiel have been appointed as trustees of the bankruptcy estate. OW Bunker files for bankruptcy 7 November 2014 Following the announcement on November 6, 2014 (company announcement 26/2014) regarding in-court restructuring procedures in the subsidiaries O.W. Bunker & Trading A/S and O.W. Supply & Trading A/S at the probate court in Aalborg, the board of directors and management deeply regret to inform that it has not been possible to find a sustainable solution. As a consequence, OW Bunker A/S, O.W. Bunker & Trading A/S and O.W. Supply & Trading A/S file for bankruptcy. As a result of the internal investigation it has been decided to report two key employees in the Singapore-based subsidiary Dynamic Oil Trading (DOT) to the police pursuant to section 299 of the Danish penal code and to relieve them of duty immediately. Chairman of the Board of Directors, Niels Henrik Jensen said: "Since the credit facility was closed down on Wednesday, the underlying business has eroded significantly. The banks hold mortgage over all receivables and consequently, without the provision of new, significant credit facilities in the immediate future, it is not possible to save the remaining business. It is now clear that such facilities will not be made available. Nor is a sale as going concern a realistic option. We are therefore left with no option but to file for bankruptcy. On behalf of the entire board of directors and management, we deeply regret this outcome and the consequences affecting the company, its employees, shareholders and business partners." The actual bankruptcy will be filed as soon as possible to the probate court in Aalborg. OW Bunker - Commencement of in-court restructuring procedure in two subsidiaries 6 November 2014 Following the announcement on November 5, 2014 (company announcement 25/2014) regarding fraud in Singapore and significant risk management loss, the board of directors regrets that it has not been able to find a solution with the syndicate banks. On this basis, it has been decided to file for commencement of in-court restructuring procedure in the subsidiaries O.W. Bunker & Trading A/S and O.W. Supply & Trading A/S at the probate court in Aalborg. The main operational activities of the group are located in these companies, which are expected to be insolvent. The purpose of the in-court restructuring procedure is to establish an overview of whether a basis for continued operations of the companies can be established, including a basis for injecting further capital or other similar solution. For the time being, the financial impact cannot be assessed, however, it must be assumed that the group's equity is lost. In court restructuring procedure is aimed at debtors who are insolvent but where there is a chance that all or part of the debtor's business may be able to continue operations after the completion of a restructuring. The procedure is intended to provide a tool for management and creditors alike, offering the possibility of rescuing an insolvent business, and thereby preserving its assets, rather than proceeding straight to the filing of a bankruptcy petition. This announcement contains forward-looking statements. Any forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance, achievements or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialise, or should any underlying assumptions prove to be incorrect, our actual financial condition, cash flows or results of operations could differ materially from what is described herein as anticipated, believed, estimated or expected. In the event of any discrepancy between the Danish and the English version of this announcement, the English version shall prevail. O.W. Bunker press release |
