O.W. Bunker gets approval of $12 million sale of oil assets to Aegean

By Kali Hays

New York, Dec. 8 – O.W. Bunker Holding North America, Inc. received approval to sell all oil assets stored in Wilmington, Calif., to Aegean Bunkering (USA) LLC for a total purchase price of $12.48 million in a Monday order from the U.S. Bankruptcy Court for the District of Connecticut.

Aegean’s initial offer was $9.53 million, but increased during the asset auction.

The sale includes the lease of the storage terminal with Vopak Terminal Los Angeles Inc.

According to the order, O.W. Bunker will pay $1.28 million of the sale proceeds to Vopak Terminal to settle costs incurred for the storage of the oil since the company filed for bankruptcy.

In order to settle three separate reclamation claims on the stored oil products, the court ordered that O.W. Bunker segregate a total of $2.47 million in three separate interest bearing accounts until the court considers the reclamation claims further.

As previously reported, O.W. Bunker has more than 27,000 metric tons of various grades of oil stored at the Vopak terminal, and smaller quantities are on a vessel or vessels in the Los Angeles area.

The sale is expected to close by Dec. 10.

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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