Legal

Aegean: ‘Significant milestones’ achieved in restructuring progress

Expects to emerge from Chapter 11 around end of Q1 2019 after implementation of restructuring plan.

Published

6 years ago

January 17, 2019

Admin

New York listed bunkering firm Aegean Marine Petroleum Network Inc. (Aegean) on Wednesday (16 January) says it has achieved ‘significant milestones’ in its restructuring progress.

The United States Bankruptcy Court Southern District of New York on Tuesday approved its revised final motion related to $535 million in aggregate Debtor-in-Possession financing (DIP Facility) from energy and commodity firm Mercuria Energy Group Limited (Mercuria).

The Court also approved Aegean’s Restructuring Support Agreement (RSA) with Mercuria, the Official Committee of Unsecured Creditors of Aegean, American Express Travel Related Services Company, Inc., and certain holders of its unsecured convertible notes.

“The Court’s actions represent key milestones in Aegean’s restructuring process and position the Company to quickly emerge from Chapter 11 much stronger than before. Both the DIP and the RSA result from a deliberate, arm’s-length process involving world-class institutions, undertaken to ensure continued high-quality service across our global network, maximize creditor recoveries and avoid months of contentious, value-destroying litigation,” said Tyler Baron, Aegean Board Director.

“Upon completion of this process, currently anticipated around the end of the first quarter, the new company – with ample access to liquidity, streamlined operations, a refreshed management team, and the ability to leverage Mercuria’s core competencies – will be better positioned for long-term growth than ever.”

Under the terms of the Court-approved RSA, Mercuria will receive 100% of the common equity of the reorganised company. Mercuria will also fund $40 million in cash on account of general unsecured creditor recoveries at the Company and backstop a $15 million loan to a trust to fund litigation (Litigation Loan Trust).

General unsecured creditors at the parent will receive 100% of the initial proceeds from litigation claims (after repayment of the Litigation Trust Loan plus $3 million), until they receive payment in full on account of their allowed claims.

General unsecured creditors at the subsidiaries will receive full recoveries in the normal course, under the agreement.

Holders of the Aegean’s pre-prepetition common equity will receive 100% of the residual interests in the litigation claims once general unsecured creditors at the parent have received payment in full.

Pursuant to reasonable and achievable milestones, Aegean will implement its restructuring plan, and expects to emerge from Chapter 11 around the end of the first quarter of 2019.

In connection with the company’s restructuring efforts, Kirkland & Ellis LLP is acting as legal counsel to Aegean, Moelis & Company LLCis acting as investment banker to Aegean, and EY Turnaround Management Services LLC is acting as restructuring advisor to Aegean.

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

Published: 17 January, 2019

Winding up

Singapore: Notice of first and final dividend issued for East Marine Pte Ltd

First and final dividend to preferential creditors of East Marine is payable from 25 April through interbank transfer, reads notice in the Government Gazette.

Published

24 hours ago

April 29, 2025

Admin

A notice was published in the Government Gazette on Friday (25 April), regarding the first and final dividend to preferential creditors of East Marine Pte Ltd.

The following are details of the notice of dividend of the company:

Name of Company : East Marine Pte Ltd (In Creditors’ Voluntary Liquidation)
Singapore UEN : 198601345E
Address of Registered Office : 8 Wilkie Road #03-08 Wilkie Edge, Singapore 228095
Amount per centum : 100.00 per centum of all admitted preferential claims pursuant to Section 203(1)(d), (e), (g) and (h) of the Insolvency, Restructuring and Dissolution Act 2018
First and final or otherwise : First and final
When payable : 25 April 2025 onwards
Where payable : Interbank transfer (all bank charges shall be borne by the recipient of the preferential dividend payment)

Photo credit: steve pb from Pixabay
Published: 29 April, 2025

Winding up

Singapore: Liquidator schedules final meeting for Kukuh Shipping Pte Ltd

Final meeting of members of the company will be held at 9 Raffles Place, #19-20 Republic Plaza Tower 2, Singapore 048619 on 26 May at 10 am, according to Government Gazette notice.

Published

2 days ago

April 28, 2025

Admin

The final meeting of members for Kukuh Shipping Pte Ltd, has been scheduled to take place on 26 May, according to the company’s liquidator on a notice posted on Friday (25 April) on the Government Gazette.

The meeting will be held at 9 Raffles Place, #19-20 Republic Plaza Tower 2, Singapore 048619 at 10 am.

It is being held for the purpose of receiving an account from the liquidator showing the manner in which the winding-up has been conducted and of hearing any explanation that may be given by the liquidator.

According to SGPBusiness, a business directory for companies registered in Singapore, the company's principal activity is in shipping, including chartering of ships and boats with crews.

The details of the liquidator are as follows:

Cheng Sam Tai Catherine
Liquidator
c/o Crowe Horwath First Trust Corporate Advisory Pte. Ltd.
9 Raffles Place, #19-20 Republic Plaza Tower 2, Singapore 048619

Photo credit: Jo_Johnston from Pixabay
Published: 28 April, 2025

Winding up

Final meeting scheduled for Diamond S Management (Singapore) Pte Ltd

Meeting will be held at 9.30am on 29 May by electronic means via a Zoom meeting to hear any explanation that may be given by the liquidator, according to Government Gazette notice.

Published

2 days ago

April 28, 2025

Admin

The final meeting of Diamond S Management (Singapore) Pte Ltd, has been scheduled to take place on 29 May, according to the company’s liquidators on a notice posted on Wednesday (16 October) on the Government Gazette.

The meeting will be held at 9.30am by way of electronic means via a Zoom meeting. It is being held for the purpose of the members to receive and consider the Liquidators’ Statement of Accounts, showing how the winding-up has been conducted and the property of the company has been disposed of and to receive an explanation thereof.

The liquidators of the company are Mona Low Sok Lee and Teo Chai Choo.

According to SGPBusiness, a business directory for companies registered in Singapore, and The Grid, B2B Sales Intelligence platform, the company’s principal activity is ship management services.

Note: Any member entitled to attend and vote at the meeting is entitled to appoint a proxy or corporate representative to attend and vote on his behalf. A proxy or corporate representative need not be a member. The instrument appointing a proxy or corporate representative must be deposited at the Registered Office of the Company at 4 Shenton Way, #04-01 SGX Centre 2, Singapore 068807 not less than seventy-two hours before the time set for holding of the Meeting.

Photo credit: Drew Beamer
Published: 28 April, 2025