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Aegean granted restructuring approval

Major global bunker trader and supplier Aegean Marine Petroleum Network Inc

was granted interim approval by the US Bankruptcy Court for the Southern District of New York in late November for all of the company’s first day motions related to its voluntary Chapter 11 restructuring.

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An Aegean statement said: “The approvals by the court immediately improve the company’s liquidity position, and ensure that suppliers, vendors, and employees, among other critical partners, continue to be paid in the normal course of business. Through the Court approvals, the Company has access to substantial capital during the restructuring process provided by the US$532 million Debtor-in-Possession credit facility funded by Mercuria Energy Group Limited, including an initial $40 million of incremental cash over the next 30
days to support operations.

 

“The Company continues to operate in the normal-course and all payments to suppliers and vendors have been made and will continue to be made during the relatively short anticipated duration of the Chapter 11 process,” said Donald Moore, Chairman of the Aegean Board.

“The Court’s approval of our First Day motions is an important step forward in the restructuring process and enables access to incremental liquidity enabling the Company to continue to provide customers high quality service across our global network.”

The statement added: “In addition to providing the DIP to fund the Chapter 11 process and the company’s working capital needs, Mercuria is also acting as the stalking horse bidder in a sale process designed to maximize the value of the company as a going concern. The Asset Purchase Agreement, including the $681 million stalking horse bid proposed by Mercuria, has been filed with the Court.”

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