Aegean Chapter 11: Lead plaintiff voices ‘limited objection’ to restricting plan

Utah Retirement Systems (URS), the lead plaintiff appointed by the United States District Court for the Southern District of New York in the Aegean Marine Petroleum Network Inc. (Aegean) chapter 11 case, has voiced “limited objection” to Aegean’s revised Restructuring Support Agreement (RSA), show legal documents submitted on Friday (4 December).

The revised RSA was proposed by Mercuria Energy Group Limited (Mercuria) on 15 December 2018.

Mercuria stated the plan was “approved in its entirety”, claims URS, who says it does not oppose authorisation of the debtors’ entry into the RSA, but suggested changes to be made “particularly in light of the language”.

“Lead Plaintiff believes it is appropriate to make clear that this Court’s authorization of the Debtors’ entry into the RSA does not in any way constitute de facto approval of the RSA and any terms embodied in or contemplated by the RSA and Term Sheet,” it explains.

The Mercuria RSA is scheduled for approval by the United States Bankruptcy Court for the Southern District of New York on 14 January 2019.

A timeline organised list of events preceding the current development have been recorded by Manifold Times below:

Related: Aegean Chapter 11: Mercuria counters Oaktree/Hartree proposal plan
Related: Aegean Chapter 11: NYSE delisting scheduled for December 3
Related: Aegean Chapter 11: U.S. Bankruptcy Court grants first day motions
Related: Aegean Chapter 11: Official committee of unsecured creditors appointed
Related: Aegean Chapter 11: Plan for 120-day sale process submitted to court
Related: Aegean Chapter 11: Bondholders object Mercuria’s $532 million DIP Facility
Related: Aegean Chapter 11: Creditor list shows exposure of 30 parties
Related: Aegean files for Chapter 11, Mercuria to be ‘stalking horse bidder’
Related: Aegean auditors alleges up to $300 million ‘misappropriated’
Related: Aegean: Forensic auditors target investigations on four companies
Related: President of Aegean to leave, effective November 15
Related: Rumours: Alleged changes at Aegean’s management
Related: Mercuria starts ‘sole lender’ arrangement with Aegean
Related: Aegean establishes new management committee
Related: Mercuria bails Aegean out with $1 billion credit
Related: Ocean Intelligence comments on Aegean credit downgrade
Related: Aegean shares down 71%, to face legal investigations
Related: Aegean audit uncovers $200 million account discrepancy
Related: Aegean unfolds several business developments
Related: Aegean drops founder, elects new board members
Related: Aegean requests for ‘additional time’ to file annual report
Related: Aegean welcomes new Chief Financial Officer
Related: Lawsuit filed against Aegean’s H.E.C. acquisition
Related: Aegean to offer ‘one-stop-shop solution’ with H.E.C. acquisition
Related: Aegean in $367 million acquisition of port reception facilities services group
Related: Aegean shareholders ‘gravely concerned’ over board’s silence
Related: Shareholders nominate ‘highly qualified’ candidates to Aegean board
Related: Aegean Marine Petroleum Network under shareholder pressure

Published: 9 January, 2019