KPMG to work with PwC on OW Bunker Far East debts

SINGAPORE (Reuters) - The liquidators of OW Bunker Far East, KPMG, has agreed to work with PricewaterhouseCoopers on the collection of monies owed to the Singapore-based marine fuel company, which has an outstanding debt of US$330 million (S$440 million), a press release said on late Monday.

OW Bunker, once the leading supplier of the marine fuel oil with a 7 per cent market share, filed for bankruptcy in Denmark in November after revealing losses of at least US$125 million at one of its Singapore-based subsidiaries.

KPMG, which was officially appointed on Monday as the liquidator of OW Bunker's subsidiary in Singapore, signed a cooperation agreement with PwC on Feb. 6 to "facilitate the prompt collection and receipt of all receivables owed" to the company, the press release said.

PwC was appointed by ING Bank as a receiver of OW Bunker Group's pledged assets last November.

Based on the unaudited records of OW Bunker Far East, the company owes US$$325.5 million to more than 180 creditors, a list obtained by Reuters showed.

The top creditors OW Bunker Far East (Singapore) include Sino Bunkering at US$29.4 million, PetroChina International (S) at US$27.6 million, OW Bunker (Netherlands) at US$23.7 million, Switzerland's RNG Trading at US$21.4 million, and Turkey's OPET Trade Singapore at US$17.3 million.

The group of creditors also agreed at the meeting on Monday to set up a group of no more than five as the Committee of Inspection, but details of the composition were not immediately available.