Singapore: Dynamic Oil Trading, the Singapore subsidiary responsible for bankrupting OW Bunker, has filed for liquidation following sister company OW Bunker Far East (Singapore), which filed for bankruptcy last week.
KPMG has been appointed as provisional liquidator for Dynamic Oil Trading.
OW Bunker, a leading supplier of marine fuel oil, filed for bankruptcy in Denmark earlier this month after it revealed losses of at least $125m at Dynamic Oil Trading, prompting banks to refuse to provide new credit lines.
Creditors will be required to file a proof of claim to the court in advance of a creditors' meeting. [19/11/14]