Newly created company Alba Tanker has taken over OW Tanker, a subsidiary of bankrupt Danish ship fuel supplier OW Bunker.
OW Tanker is the owner of OW Bunker’s marine fuel supply ships.
Earlier this month, OW Bunker filed for bankruptcy at the probate court in Aalborg, Denmark, after it failed to find a sustainable finance solution.
Reuters cited the fleet manager Henrik Pedersen reporting that the takeover by Alba Tanker is part of the process of securing assets for the estate.
Alba Tanker has the trustees of OW Tanker on its board.
Pedersen was quoted by the news agency as saying: "We are not a very big part of the company.
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"We’re the ship-owning part of OW Bunker and Trading. And that was our biggest client, of course, but we have always been run as a separate company."
OW Bunker filed for the start of an in-court restructuring procedure in the subsidiaries OW Bunker and Trading and OW Supply and Trading at the probate court.
The procedure will establish an overview of whether a basis for continued operations of the companies can be established, including adding further capital or a similar solution.
Meanwhile, PricewaterhouseCoopers (PwC) agreed with ING Bank NV and OW Bunker’s trustees to work together in recouping some $750m the company owes to a group of 13 banks, including ING, Reuters said.
Established in 2008, OW Tanker owns ten vessels and 19 chartered vessels, and most of the vessels are engaged in bunkering offshore, in high seas and in port.