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Vitol files bankruptcy suit against Macoil over failed payment

26 Sep 2019

Geneva-based energy and commodities trading firm Vitol SA has filed a bankruptcy application against Greek bunkering firm Macoil International SA and its owners at the Court of First Instance of Athens on Wednesday (18 September) over an alleged failed payment totalling USD 20.6 million.

A Greek court document seen by Singapore bunker publication Manifold Times showed Vitol initiating claims from Macoil since 30 October 2018, but to no avail.

“After Macoil failed to repay, the trade relationship between Vitol and Macoil has ceased, with the exception of attempts to collect unpaid amounts,” stated the translated affidavit written by a Vitol representative.

Vitol’s total recorded debt of USD 20.6 million (exact: USD 20,617,099.19) against Macoil is as follows broken down:

  • USD 20,413,608.58 (Fuel oil)
  • USD 179,568.75 (Demurrage cost)
  • USD 23,921.86 (Default Interest)

In addition, Vitol is claiming for a further USD 779,026.40 on top of the official USD 20.6 million debt due to default interest on an unpaid cargo; this figure has not yet been submitted to Macoil.

The court document, meanwhile, showed Macoil purportedly owing credit totalling USD 99.5 million to several parties (engaged in separate lawsuits against Macoil) including BNP Paribas, Unicredit, Vilma Oil, Sahara Energy Resource Limited, and Septo Trading.

The credit owed to the above parties are as follows:

  • BNP Paribas – USD 24 million
  • Unicredit – USD 27 million
  • Vilma Oil – EUR 6.5 million (USD 7.12 million)
  • Sahara Energy – EUR 26 million (USD 28.49 million)
  • Septo Trading – EUR 16 million (17.53 million)

In total, the document showed Macoil owing approximately USD 120.9 million to all mentioned parties.

Published: 26 September, 2019

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