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Commitments and Contingencies
 6 Months Ended
Jun. 30, 2012
Commitments and Contingencies  
Commitments and Contingencies

7.              Commitments and Contingencies

 

Legal Matters

 

On April 11, 2012, Cathay Pacific Airways Limited (“Cathay”) filed a writ in the High Court of the Republic of Singapore against one of our subsidiaries, World Fuel Services (Singapore) Pte Ltd. (“WFSS”) alleging property damage and bodily injuries arising out of the emergency landing of a Cathay aircraft in Hong Kong, which Cathay alleges was caused by contaminated fuel supplied by WFSS.  Although not specified in the writ, Cathay claims damages relating to the incident of approximately $34.0 million.  Because the outcome of litigation is inherently uncertain, we cannot estimate the possible loss or range of loss for this matter.  We intend to vigorously defend this claim, and we believe our liability in this matter (if any) should be adequately covered by insurance.  As of June 30, 2012, we have not recorded any accruals associated with this claim.

 

We are involved in litigation and administrative proceedings primarily arising in the normal course of our business.  We are not currently a party to any other pending litigation or administrative proceeding that is expected to have a material adverse effect on our business, financial condition, results of operations or cash flows.  As of June 30, 2012, we had recorded certain accruals which were not significant.