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
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: 19 November, 2018
Captain Daknash Ganasen, Senior Director (Operations & Marine Services), MPA, provides direction on what should players do when providing bunker fuel to a COVID-19 infected ship, and more.
Garren Hay will be responsible for sales of the PANOLIN range of Environmentally Acceptable Lubricants for the Singapore sole distributor agent Gealubes Consulting & Trading Pte Ltd.
Universal Alliance, BMS United, Digiland International, Goodwood Associates, Southernpec (Singapore), and Taigu Energy were involved in alleged circular fictitious trades of fuel oil during July 2015.
Bunker orders of ISO 8217:2010 spec LS 380 cSt 0.5% for Nord Gemini, Nord Titan, Ocean Rosemary, and Luzern were placed through global commodities trading and logistics house Trafigura Pte Ltd.
While Covid-19 concerns are important, Captain Rahul Choudhuri was quick to note this does not mean bunker fuel related issues have indeed disappeared from the shipping sector.
‘Therefore, representing the players of the Malaysian bunker industry, we sincerely hope that this matter can be refined and reconsidered immediately so that all parties benefit together,’ says communication.