Clifford Chance

Industry insight: Falling dominos - the OW Bunker's corporate collapse

19 May 2016

On 7 November 2014, OW Bunker A/S, the world's largest ship fuel supplier and the third largest Danish company filed for bankruptcy in Denmark.  OW Bunker's network of subsidiaries extended to the US, Singapore, Germany, China and UAE. Most of the subsidiaries also filed for bankruptcy protection in their country of incorporation. OW Bunker's collapse left an outstanding debt of $750 million owing to 13 banks, amid financial scandal and allegations of fraud by senior employees.  The ripple effects of this catastrophic corporate collapse will continue to be felt around the globe for years to come, as creditors struggle to maximise their recovery.  

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