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Banks divest loans in OW Bunker

A number of banks, which a year ago provided USD 700 million to now-bankrupt company OW Bunker, are now putting the loans up for sale at significant discounts, reports Bloomberg.

Photo: Kasper Palsnov/Jyllands-Posten

The 13 international banks, which one year ago provided loans worth USD 700 million to now-collapsed OW Bunker, have put the debt up for sale. In some cases for less than half of the face value, writes Bloomberg.

Some of the banks have this month sold loans for USD 50 million at discounts of about 45 percent, while another USD 30 million worth of loans was offered yesterday, Thursday, for about 50 percent less than face value, writes Bloomberg, based on information from sources close to the case.

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