ABN Amro seeks missing collateral
The Dutch bank queries bankrupt US unit of cocoa supplier Transmar on $300m in lost assets
New York/London — ABN Amro wants to know what became of more than $300m that it claims was collateral that the bankrupt US unit of cocoa supplier Transmar Group may have moved to a European affiliate. The Dutch bank asked a federal judge in Manhattan for permission "to investigate the facts and circumstances surrounding the apparent disappearance of hundreds of millions of dollars in collateral and other property" from the estate of Transmar Commodity Group, which filed for bankruptcy in New York on the last day of 2016. ABN Amro, which is an agent for a lender group on the $400m Transmar Commodity credit facility, said in a court filing last Tuesday that about $313m in asset value vanished from the company’s books sometime after the end of October 2016. The bank said that some of the assets may have been transferred to Transmar affiliate Euromar Commodities. Euromar, which owns a cocoa-processing factory in Fehrbellin, Germany, began its own insolvency proceedings in the country in...
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