Mercuria Energy Group has announced that Aegean Marine Petroleum Network has emerged from Chapter 11 and its plan of reorganisation is now effective.
The company is now a fully-owned subsidiary of Mercuria and will operate as Minerva Bunkering.
Tyler Baron, board director at Aegean, commented: “We are pleased that Aegean has completed its restructuring, and now as part of Mercuria, is a significantly stronger company with greater supply capabilities and access to liquidity.
“As the new Minerva Bunkering, the company looks forward to capitalizing on its enhanced platform and delivering greater value to its customers. With IMO 2020 less than a year away, Minerva is uniquely positioned to provide an unparalleled set of solutions to the marine fuel market, leveraging the combination of Mercuria’s global reach, risk-management expertise and trading operations with our extensive physical supply capabilities.”
Aegean filed for chapter 11 in New York last November as part of a rescue deal agreed with Mercuria.