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Latest: Aegean files for Chapter 11, Mercuria to be ‘stalking horse bidder’

06 Nov 2018

New York-listed bunkering firm Aegean Marine Petroleum Network (Aegean) on Tuesday and certain of its subsidiaries (the debtors) filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the Bankruptcy Court for the Southern District of New York.

The debtors enter this process with the support of Mercuria Energy Group Limited (Mercuria), a key strategic partner and one of the world’s largest independent energy and commodity companies.

Mercuria has agreed to provide more than $532 million in postpetition financing to fund the chapter 11 process and Aegean’s working capital needs. It has also agreed to serve as the stalking horse bidder in a sale process designed to optimise the value of the company as a going concern.

The debtors have filed a motion with the bankruptcy court seeking to jointly administer all of the debtors’ Chapter 11 cases under the caption In re Aegean Marine Petroleum Network Inc., et al. 

The debtors will continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the bankruptcy court and in accordance with the applicable provisions of the US Bankruptcy Code and orders of the bankruptcy court.

The group have filed a series of first day motions with the bankruptcy court that seek authorisation to continue to conduct their business in the normal course, including in relation to employees, customers and suppliers, among others.

They are seeking approval of the Mercuria-led postpetition financing. This financing is designed to ensure Aegean has adequate working capital to fund the business and continue ordinary course operations during the Chapter 11 Cases and to fund the sale process.

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

Related Debtors of Aegean are as follows:

  1. Lead Debtor: Aegean Marine Petroleum Network
  2. Aegean (Fujairah) Bunkering S.A.
  3. Aegean Ace Maritime Company
  4. Aegean Agency (Gibraltar) Limited
  5. Aegean Breeze Maritime Company
  6. Aegean Bunkering (Gibraltar) Limited
  7. Aegean Bunkering (Jamaica) Ltd.
  8. Aegean Bunkering (Singapore) Pte. Ltd.
  9. Aegean Bunkering (Trinidad) Ltd.
  10. Aegean Bunkering (USA) LLC
  11. Aegean Bunkering Combustibles Las Palmas S.A.
  12. Aegean Bunkering (Hong Kong) Limited
  13. Aegean Bunkering Morocco SARL AU
  14. Aegean Bunkering Services Inc.
  15. Aegean Caribbean Holdings Inc.
  16. Aegean Gas Maritime Company
  17. Aegean Holdings S.A.
  18. Aegean Investments S.A.
  19. Aegean Maistros Maritime Company
  20. Aegean Management Services M.C.
  21. Aegean Marine Petroleum S.A.
  22. Aegean Oil (USA), LLC
  23. Aegean Oil Terminal Corporation
  24. Aegean Petroleum International Inc.
  25. Aegean Ship III Maritime Company
  26. Aegean Ship VIII Maritime Company
  27. Aegean Ship XII Maritime Company
  28. Aegean Shipholdings Inc.
  29. Aegean Tankfarms Holdings S.A.
  30. Aegean Tanking S.A.
  31. Aegean Tiffany Maritime Company
  32. Aegean VII Shipping Ltd.
  33. Amorgos Maritime Inc.
  35. AMPNI Holdings Co. Limited
  36. AMPNI Investments Co. Limited
  37. Andros Marine Limited
  38. Benmore Services S.A.
  39. Caribbean Renewable Energy Sources Inc.
  40. Cephallonia Marine S.A.
  41. Dilos Marine Inc.
  42. Eton Marine Ltd.
  43. Halki Navigation S.A.
  44. I.C.S. Petroleum Ltd.
  45. I.C.S. Petroleum (Montreal) Ltd.
  46. Ingram Enterprises Co.
  47. Ios Marine Inc.
  48. Ios Shipping Ltd.
  49. Ithaki Marine S.A.
  50. Kassos Navigation S.A.
  51. Kerkyra Marine S.A.
  52. Kimolos Maritime Inc.
  53. Kithnos Maritime Inc.
  54. Kythira Marine S.A.
  55. Lefkas Marine S.A.
  56. Maistros RORO Shipholdings Ltd.
  57. Milos Shipping (Pte.) Ltd.
  58. Mykonos I Maritime Limited
  59. Nevado Navigation S.A.
  60. Ostria RORO Shipholdings Ltd
  61. Paros Maritime Inc.
  62. Paxoi Marine S.A.
  63. Santon Limited
  64. Santorini I Maritime Limited
  65. Sealand Navigation Inc.
  66. Serifos Maritime Inc.
  67. Serifos Shipping (Pte.) Ltd.
  68. Sifnos Marine Inc.
  69. Symi Navigation S.A.
  70. Tasman Seaways Inc.
  71. Tempest Shiptrade Ltd
  72. Tilos Shipping (Pte.) Ltd.
  73. Tinos Marine Inc.
  74. West Coast Fuel Transport Ltd.
  75. Zakynthos Marine Limited

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

Related: Aegean 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: 6 November, 2018

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