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:
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’
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: 6 November, 2018
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