Americas News
OW Bunker North America to Hold Bunker Auction Next Week
O.W. Bunker North America intends to auction its inventory of around 30,000 metric tonnes (mt) of marine fuel, which is currently being stored in the Vopak terminal in Los Angeles, California, the company said late Monday local time in an emailed statement.
The announcement came after a decision earlier in the day from the United States Bankruptcy Court for the District of Connecticut approving the appropriate sale procedures.
"Interested bidders must submit a bid in writing no later than December 2, 2014, by 1:00 p.m. EST. An auction will take place by telephone on December 4, 2014, beginning at 1:00 p.m. EST," the supplier said.
The type and the approximate total available volume of the oil inventory (in mt), as well as minimum bid quantities established for this auction, are as follows:
- RMG 380 (approx. 18,000 mt) – minimum bid quantity of 2,000 mt
- RMK 500 (approx. 7,000 mt) – minimum bid quantity of 1,000 mt
- Cutter (approx. total 2,400 mt) – minimum bid quantity of 1,000 mt
- MGO (approx. total 300 mt) – minimum bid quantity shall be the entire amount
All requests for information on the bidding procedures should be directed to:
Scott Anchin
Alvarez & Marsal
600 Madison Avenue, 8th Floor
New York, New York 10022 Telephone: 212-759-4433
E-mail: sanchin@alvarezandmarsal.com
Keith Richardson
O.W. Bunker North America Inc. 281 Tresser Boulevard, 15th Floor Stamford, CT 06901
Telephone: 203-658-8863
E-mail: keri@owbunker.com
Bidders interested in continuing the storage arrangement with Vopak Terminal Los Angeles Inc. should contact Scott Anchin by email or phone.
All inventory will be sold free and clear of liens and encumbrances, the company added.
The Debtors bankruptcy cases are jointly administered under the caption In re O.W. Bunker Holding North America Inc., Case No. 14-51720.
The U.S. subsidiaries of OW Bunker A/S filed for Chapter 11 bankruptcy on November 13, after the collapse of its parent company the previous week.
