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Aegean: U.S. Bankruptcy Court clears Mercuria Energy take over

27 Mar 2019

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
RelatedAegean: ‘Significant milestones’ achieved in restructuring progress
RelatedAegean Chapter 11: Judge authorises restructuring activity to start
RelatedAegean Chapter 11: Mercuria counters Oaktree/Hartree proposal plan
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: 27 March, 2019
 

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