Aegean Marine Petroleum Network Inc. on Thursday (4 April) announced its plan of reorganisation has taken effect and it has emerged from the voluntary Chapter 11 restructuring commenced on November 6, 2018.
The company will now operate as Minerva Bunkering, a leading global physical supplier of marine fuels and a fully-owned subsidiary of Mercuria Energy Group Limited (Mercuria).
“We are pleased that Aegean has completed its restructuring, and now as part of Mercuria, is a significantly stronger company with greater supply capabilities and access to liquidity,” said Aegean Board Director Tyler Baron.
“As the new Minerva Bunkering, the company looks forward to capitalizing on its enhanced platform and delivering greater value to its customers.
“With IMO 2020 less than a year away, Minerva is uniquely positioned to provide an unparalleled set of solutions to the marine fuel market, leveraging the combination of Mercuria’s global reach, risk-management expertise and trading operations with our extensive physical supply capabilities.”
Mercuria is one of the largest, privately-held energy and commodities groups in the world with an annual turnover in excess of 100 billion dollars.
As an integral part of Mercuria, Minerva Bunkering is one of the industry’s most creditworthy counterparties with an expansive supply network.
Magid Shenouda, Global Head of Trading at Mercuria, said, “Today marks a new chapter for Minerva, as it gains Aegean Marine’s industry-leading team and physical network. Minerva was built on the premise of selling fuel to its customers where and when they need it in the most cost-effective way.
“Now the new Minerva will be able to provide end-to-end service and physically supply fuels in the locations most important to our customers.
“Minerva Bunkering is here to serve the entire ship-owning community,” concluded Shenouda.
“With our extensive network, rigorous transparency and strong balance sheet, we are a dependable partner providing reliable service and high-quality products.”
A timeline organised list of events preceding the current development have been recorded by Manifold Times below:
Related: Aegean: U.S. Bankruptcy Court clears Mercuria Energy take over
Related: Aegean: Bankruptcy Court approves disclosure statement, procedures
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
Photo credit: Mercuria Energy Group Limited
Published: 5 April, 2019
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