O.W. Bunker Holding files liquidation plan, disclosure statement

By Mark Reccek

Bethlehem, Pa., Oct. 15 – O.W. Bunker Holding North America, Inc. filed its plan of liquidation and related disclosure statement, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Connecticut.

Creditor treatment pursuant to the plan includes:

• Holders of non-tax priority 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 by the company;

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

• Holders of unaffiliated trade class 4(a) and 4(b) claims will receive company trust interests;

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

• Equity interests will be canceled and discharged and voting rights.

According to the filing, the plan will be implemented by establishing a liquidating trust.

The confirmation hearing is scheduled for Dec.8.

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 under Chapter 11 case number 14-51720.

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