World News
PwC, KPMG and ING Sign Agreement on OW Bunker Middle East Assets
OW Bunker has reached a deal with its liquidators, receivers, and security agent ING Bank N.V. on the assets of its subsidiary, OW Bunker Middle East DMCC, PricewaterhouseCoopers (PwC) has announced.
Under the terms of the deal, all recoveries from the company's receivables will be paid into ING accounts specified by PwC, who have been acting as receivers.
Any issues related to the receivables collection process will be jointly addressed by PwC and liquidators KPMG Lower Gulf Limited.
“In addition to reaching agreement with affiliates in China, the UK, the Netherlands, Switzerland, Belgium and two in Singapore, we have now signed a further agreement with the liquidators of OW Middle East,” said Paul Copley, joint receiver and PwC UK partner.
“We will work together with the liquidators and the global collections team in in order to
maximise recoveries of receivables due to OW Middle East.”
Parent company OW Bunker filed for bankruptcy in Denmark late last year shortly after announcing significant losses stemming from an alleged fraud at its Singaporean business and from a separate "risk management" related loss.
Its subsidiaries, including the Middle East unit, followed in the weeks after.
“The Liquidators are of the view that working together with the Receivers and ING is the most effective way of collecting receivables for the benefit of all the creditors of the insolvent estate of OW Middle East,” said KPMG.
The parties established a deal on the company's Danish assets back in November of last year.
Earlier this year, the parties also signed a similar agreement regarding OW Bunker Far East.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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