OW Bunker Files U.S. Bankruptcy Days After Fraud Report
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Three U.S. units of OW Bunker A/S, the Danish shipping-fuel supplier that went from a $1 billion valuation after its initial public offering in March to defunct last week, filed for bankruptcy in Connecticut.
The subsidiaries filed Chapter 11 petitions yesterday in U.S. Bankruptcy Court in Bridgeport, listing assets of as much as $50 million against debt of up to $100 million. The parent filed for bankruptcy Nov. 7 in Denmark and ceased operations, blaming a $125 million internal fraud and other failures.