The U.S. Bankruptcy Court in New York on Tuesday (26 March) approved the restructuring plan of New York listed bunkering firm Aegean Marine Petroleum Network Inc. (Aegean).
“Notwithstanding anything herein or the Plan or any Plan Document to the contrary, the Final DIP Order shall survive the Effective Date,” stated the document signed by Bankruptcy Judge Michael Wiles.
The development clears the way for Mercuria Energy to take over Aegean, and allows Mercuria’s Debtor-in-Possession financing (DIP) plan to start in April 2019.
“The Debtors or Reorganized Debtors, as applicable, or the Litigation Trust shall resolve Disputed Claims against the Estates consistent with the provisions of Article VIII of the Plan,” it states.
“The Reorganized Debtors shall file post-Confirmation disbursement and status reports every six (6) months until the Chapter 11 Cases are closed by means of a final decree, converted to a case under chapter 7, or dismissed, whichever happens earlier.”
A timeline organised list of events preceding the current development have been recorded by Manifold Times below:
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
Published: 27 March, 2019
