World News
New OW Bunker Report is Good News for Investors and Creditors, Says Expert
Søren Friis Hansen, professor of corporate law at Copenhagen Business School (CBS), says a new report released by trustees for the OW Bunker bankruptcy proceedings is good news for investors and creditors that lost money as a result of the company's collapse, Danish media reports.
The report is said to have concluded that, among other things, OW Bunker's executives and advisors knowingly withheld pertinent information with regards to its speculation on oil prices from its initial public offering (IPO) prospectus.
Hansen says the report findings mean OW Bunker's creditors and investors who lost money as a result of the company's collapse "will have a good chance of getting at least part of their money back."
The trustee's report is also said to find that a dividend payment that was made shortly before the company's bankruptcy was irresponsible, which Hansen explains that, if that is correct, those dividends are "therefore available to creditors."
In March, Hansen said that OW Bunker executives' failure to report available risk management information ahead of the company's IPO was intentional.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 510.00 | 2.50 | 611.00 | 4.00 |
| Rotterdam | 477.00 | 1.00 | 618.50 | 4.00 |
| Houston | 469.50 | 0.50 | 610.00 | 2.00 |
| Fujairah | 501.50 | 1.50 | 708.50 | 3.50 |
| Global 20 Ports Average | 532.00 | 2.00 | 711.50 | 0.00 |
| Global 4 Ports Average | 489.50 | 0.50 | 637.00 | 0.50 |
| Global Average Bunker Price | 571.00 | 1.00 | 759.00 | 0.50 |
Popular Now More
-
Jun 05Marex's Bastien Declercq discusses how biofuel markets are likely to react to the IMO's new GHG regulation. -
Jun 04The MPA has not directly given a reason for declining to renew the licence. -
Jun 02The new joint venture will initially focus on biofuel supply in northern Europe, BlackCoral Energy Managing Partner Jesper Christensen tells Ship & Bunker.