The risk of a strenuous court process made OW Bunker's former banks, headed by Dutch ING Bank, agree to a settlement with the bankruptcy estate, shows a proposal for the USD 28 million settlement, which ShippingWatch has read.
Gorrissen Federspiel maintains that the company made no mistakes as OW Bunker's bankruptcy estate files a USD 79 million compensation claim. The case centers on a missed deadline to file a claim against Jefferies.
Two tankers were attacked in the Gulf of Oman Thursday, it is still unknown who is to blame. OW Bunker's former CEO in Singapore, Lars Møller, is going to prison for five years, Get an overview of this week's top picks.
A bonus scheme is a central point of the prosecution in the appeal case against former OW Bunker executive Lars Møller, who went to court on Monday. Møller is fighting for acquittal, while the fraud squad wants to increase the penalty.
OW Bunker's insolvency estate is only a couple of details away from being able to reach a settlement with major bank ING Bank, which headed the Danish group's credit agreement. The deal provides the estates with millions.
All signs indicate that ING Bank will be the big winner in the legal aftermath of OW Bunker in the US. Four appeals courts have now reached the same decision: the physical supplier cannot collect unpaid bunker bills.
The Danish liquidator of OW Bunker has won its first battle in a landmark case against major bank ING. The case is one of the possibilities for creditors to scrape money together after the bunker company's bankruptcy, says liquidator.
A landmark ruling in the OW Bunker case in a Danish court has fallen in favor of the two bankrupt estates. Now, OW Bunker cases involving ING Bank and several other banks' loan securities must be settled under Danish law.
Following Lars Møller's appeal of his 1.5 years prison sentence in the OW Bunker case, the Danish Attorney General's office has decided to follow suit. The Danish High Court is now free to review the case again.
It is "fundamentally wrong" that OW Bunker's primary bank can lay claim to the bunker company's receivables from shipping companies, says a lawyer representing OW's subcontractors in the US after a new court decision in New York.
ING Bank, which headed OW Bunker's consortium, has won a key appeal case in New York, where a court has decided that the bank can lay claim OW Bunker's receivables from shipping companies. The bank lost the first round of the case.
The police prosecutor has adjusted the charges against former OW Bunker senior executive Lars Møller, but this does not change the fact that the prosecutor recommends a long prison sentence. Now only the verdict remains.