O.W Bunker agrees to $850,000 payment from Aegean for additional oil

By Kali Hays

New York, Feb. 9 – O.W. Bunker Holding North America, Inc. and its official committee of unsecured creditors have reached an agreement with Aegean Bunkering (USA), LLC related to its purchase of oil at O.W. Bunker’s Vopak terminal and related assets, according to a stipulation filed Monday with the U.S. Bankruptcy Court for the District of Connecticut.

As previously reported, Aegean was the prevailing bidder for the Vopak oil and related assets in December with an initial purchase price of $11.01 million based on an estimated value of the fuel oil.

After an agreement to a true-up of the final purchase price at the specific per-metric ton price, O.W. Bunker said there was more oil at the terminal than estimated, requiring payment of an additional $885,000.

Aegean refused to purchase the additional oil unless it could pay the then-market price, which it claimed was $750,000.

Under the stipulation, Aegean agreed to pay $850,000 for the additional oil, bringing the total purchase price for the assets up to $11,013,080, according to the filing.

O.W. Bunker is an independent distributor and reseller of marine fuel and is based in Denmark. Its U.S. subsidiaries filed bankruptcy on Nov. 13 under Chapter 11 case number 14-51720.

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