Aegean: Bankruptcy Court approves disclosure statement, procedures
- Published
by Admin
The United States Bankruptcy Court Southern District of New York on Friday (15 February) provided approval for several administrative procedures related to the restructuring plan of New York listed bunkering firm Aegean Marine Petroleum Network Inc. (Aegean).
It approved the adequacy of information shared to counterparties in Aegean’s disclosure statement, solicitation and notice procedures to the holders of claims and interests, and related forms of ballots and notices for granting relief.
“The Disclosure Statement (including all applicable exhibits thereto) provides Holders of Claims and Interests and other parties in interest with sufficient notice of the injunction, exculpation, and release provisions contained in Article IX of the Plan, [are] in satisfaction of the requirements of Bankruptcy Rule 3016(c),” it stated in the document seen by Manifold Times.
“The forms of Ballots, Non-Voting Status Notice, and Confirmation Hearing Notice, including the mechanism set forth therein for opting into the Third Party Release contained in Article IX of the Plan, are hereby approved.”
A timeline (subject to modification as necessary) for counterparties to submit votes on Aegean’s chapter 11 reorganisation plan are as follows:
| Event | Date |
| Voting Record Date | February 12, 2019 |
| Solicitation Launch | February 19, 2019 |
| Deadline for Sending Notices to Contract and Lease Counterparties |
March 5, 2019 |
| Deadline for objections to claims for voting purposes |
March 8, 2019 |
| Deadline for submission of motions seeking temporary allowance of claims for voting purposes under Rule 3018 |
March 18, 2019 at 4:00 p.m. prevailing Eastern time |
| Deadline for objections to assumptions of executory contracts and/or objections to proposed “cure” amounts |
March 19, 2019 at 4:00 p.m. prevailing Eastern time |
| Confirmation Objection Deadline | March 19, 2019, at 4:00 p.m. prevailing Eastern time |
| Voting Deadline | March 19, 2019, at 4:00 p.m. prevailing Eastern time |
| Confirmation Hearing Date | March 26, 2019, at 2:00 p.m. prevailing Eastern time |
A timeline organised list of events preceding the current development have been recorded by Manifold Times below:
Related: Aegean: ‘Significant milestones’ achieved in restructuring progress
Related: Aegean Chapter 11: Judge authorises restructuring activity to start
Related: Aegean Chapter 11: Mercuria counters Oaktree/Hartree proposal plan
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: 18 February, 2019
