O.W. Bunker asks to employ Alvarez & Marsal as restructuring adviser

By Kali Hays

New York, Dec. 4 – O.W. Bunker Holding North America Inc. is seeking approval to hire Alvarez & Marsal North America, LLC as its restructuring adviser, according to a Wednesday motion with the U.S. Bankruptcy Court for the District of Connecticut.

If approved, the company asked that the hiring be made retroactive to Nov. 13.

As restructuring adviser Alvarez & Marsal will pursue a stabilization of O.W. Bunker’s financial position and provide the company with interim crisis management, turnaround consulting and advisory services to creditors, according to the motion.

Alvarez & Marsal will also develop company forecasts and business plans, manage cash flow and supplier relationships, devise cost reduction strategies and negotiate financial restructuring opportunities.

O.W. Bunker paid the firm an initial retainer totaling $50,000 leading up to its bankruptcy filing and will continue to pay the advisers in the case hourly rates between $325 and $925.

Alvarez & Marsal will also seek expense reimbursement directly from the court.

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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