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Aegean: Bankruptcy Court approves disclosure statement, procedures

18 Feb 2019

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
RelatedAegean Chapter 11: Judge authorises restructuring activity to start
RelatedAegean Chapter 11: Mercuria counters Oaktree/Hartree proposal plan
RelatedAegean Chapter 11: Bondholders object Mercuria’s $532 million DIP Facility
RelatedAegean Chapter 11: Creditor list shows exposure of 30 parties
RelatedAegean files for Chapter 11, Mercuria to be ‘stalking horse bidder’
RelatedAegean auditors alleges up to $300 million ‘misappropriated’
RelatedAegean: Forensic auditors target investigations on four companies
RelatedPresident of Aegean to leave, effective November 15
RelatedRumours: Alleged changes at Aegean’s management
RelatedMercuria starts ‘sole lender’ arrangement with Aegean
RelatedAegean establishes new management committee
RelatedMercuria bails Aegean out with $1 billion credit
RelatedOcean Intelligence comments on Aegean credit downgrade
RelatedAegean shares down 71%, to face legal investigations
RelatedAegean audit uncovers $200 million account discrepancy
RelatedAegean unfolds several business developments
RelatedAegean drops founder, elects new board members
RelatedAegean requests for ‘additional time’ to file annual report
RelatedAegean welcomes new Chief Financial Officer
RelatedLawsuit filed against Aegean’s H.E.C. acquisition
RelatedAegean to offer ‘one-stop-shop solution’ with H.E.C. acquisition
RelatedAegean in $367 million acquisition of port reception facilities services group
RelatedAegean shareholders ‘gravely concerned’ over board’s silence
RelatedShareholders nominate ‘highly qualified’ candidates to Aegean board
RelatedAegean Marine Petroleum Network under shareholder pressure

Published: 18 February, 2019
 

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