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Aegean Chapter 11: Official committee of unsecured creditors appointed

19 Nov 2018

The official committee of unsecured creditors of troubled New York listed bunkering firm Aegean Marine Petroleum Network (Aegean) was appointed on Thursday (15 November).

The group consists of U.S. Bank National Association, Deutsche Bank Trust Company Americas, and American Express Travel Related Services Company; Aegean respectively owes the trio $172,500,000, $94,550,000, and $20,000,000.

The official committee’s total debt amounts to $293,115,755, or 97.9%, of the top 28 creditors of Aegean excluding Petrojam and Peninsula Petroleum who both claimed zero debt from Aegean.

As of 6 November, Aegean’s funded debt obligations totalled approximately $872 million consisting of 12 secured credit facilities and two issuances of unsecured convertible notes.
Aegean is targeting to start the bidding procedures hearing process around 4 December 2018 and schedule the sale hearing by 22 February 2019.

The bunkering firm filed for Chapter 11 proceedings on 6 November.

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

Related: Aegean Chapter 11: Plan for 120-day sale process submitted to court
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: 19 November, 2018

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