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Aegean Chapter 11: Judge authorises restructuring activity to start

16 Jan 2019

The United States Bankruptcy Court Southern District of New York on Tuesday (15 January) gave troubled New York listed bunkering firm Aegean Marine Petroleum Network Inc. (Aegean) the go ahead to start its restructuring process.

“The Debtors are authorized to take all actions necessary to effectuate the relief granted in this Order in accordance with the Motion,” stated the Honorable Michael E. Wiles, U.S. Bankruptcy Judge.

“The Debtors are authorized to enter into the RSA and perform thereunder.”

Manifold Times earlier reported the committee of creditors choosing to implement a revised Restructuring Support Agreement offered by Mercuria Energy Group Limited (Mercuria).

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
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: 16 January, 2019
 

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