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 bankruptcy last week, sought creditor protection in Connecticut, Bloomberg News reported today. The subsidiaries filed chapter 11 petitions yesterday in U.S. Bankruptcy Court in Bridgeport, Conn., listing assets of as much as $50 million against debt of as much as $100 million. The parent filed for bankruptcy on Nov. 7 in Denmark, blaming a $125 million internal fraud and risk management failures. OW Bunker, which eight months ago had Denmark’s second-biggest IPO since 2010, stunned investors after saying it would report to police two senior executives at its Singapore unit for alleged fraud. The Noerresundby-based company said it lost another $150 million on bad risk management.
