O.W. Bunker Holding North America amended liquidation plan confirmed

By Caroline Salls

Pittsburgh, Dec. 16 – O.W. Bunker Holding North America, Inc.’s first amended plan of liquidation was confirmed on Dec. 15 by the U.S. Bankruptcy Court for the District of Connecticut.

The plan will be implemented by establishment of a liquidating trust.

Creditor treatment under the plan includes:

• Holders of non-tax priority claims and priority tax claims will be paid in full;

• Holders of secured claims will be paid in cash, turnover of the estate assets that constitute collateral or other less favorable treatment as agreed upon by the company;

• Holders of affiliated unsecured claims will receive company trust fund interests;

• Holders of unaffiliated trade claims will receive company trust interests;

• Holders of subordinated claims will receive no property or distribution under the plan; and

• Equity interests will be canceled and discharged, and holders will receive no distribution.

O.W. Bunker is an independent distributor and reseller of marine fuel and is based in Denmark. Its U.S. subsidiaries filed for bankruptcy on Nov. 13, 2014 under Chapter 11 case number 14-51720.

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