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Investors sue OW Bunker for $120m

Investors sue OW Bunker for $120m

ATHENS: Danes who invested in OW Bunker’s initial public offering (IPO) are suing the now-defunct bunker supplier for DOK 800m ($120m).

OW Bunker applied for bankruptcy in November 2014, just eight months after listing, having been valued at $1bn. Some 27 institutions are suing the company, led by two of Denmark’s largest pension funds, ATP and PFA, according to Reuters reports.

Two separate lawsuits have been filed. The first case is against OW Bunker, its management and its owner, private-equity company Altor Funds.