PwC Appointed Receivers for Lenders of OW Bunker

PwC said that it would pursue suppliers who "interfere with lenders' receivables" directly.

PricewaterhouseCoopers (PwC) has been chosen as receiver for lenders of the bankrupt OW Bunker group, Singapore press reports. 

ING Bank (ING), the security agent for the group of lenders, appointed Goh Thien Phong and Chan Kheng Tek in Singapore, along with three others in London as "joint receivers of pledged assets including receivables" earlier this month. 

"We have been appointed as receivers to collect assets which were assigned and charged to ING as part of the group's refinancing in late 2013," said Paul David Copley, one of those appointed in London. 

"These assets are principally receivables owed by customers and affiliates to certain OW Bunker entities." 

PwC is currently determining the amount of debt owed, and will also work with KPMG, who were appointed as the provisional liquidators for OW Bunker Far East and Singaporean subsidiary Dynamic Oil Trading this month. 

Copely said that PwC was aware of suppliers who have issued threats and who have already taken actions to arrest OW-affiliated vessels, adding that PwC was taking the issue "very seriously."

"If suppliers interfere with lenders' receivables or induce customers to breach their contracts, we reserve the right to pursue them directly for damages associated with their actions." he said.

"For customers, they will not get a valid discharge from their debt to ING by paying an OW Bunker supplier and we will continue to pursue them."

Dozens of companies have already stepped up or are reportedly preparing claims in court for outstanding amounts owed by OW Bunker. 

Some companies have also gone one step further, with a number of bunker tankers having been arrested as bunker sellers seek to enforce claims for unpaid deliveries.