Greek bunker supplier Aegean Marine Petroleum Network and certain subsidiaries have filed for chapter 11 in the Bankruptcy Court for the Southern District of New York.
The move has been made as part of a deal with Mercuria Energy Group, who will inject more than $532m in financing after the company emerges from chapter 11. Mercuria 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.
Aegean agreed a restructuring deal with Mercuria in August, which saw new shares equal to 30% of Aegean’s common stock issued to Mercuria in exchange for a $1bn trade finance facility.
Aegean has filed a motion with the bankruptcy court seeking to jointly administer the Chapter 11 cases and will continue to operate its business and subsidiary businesses as “debtors-in-possession” under the jurisdiction of the bankruptcy court.
The company is seeking authorisation to continue to conduct business in the normal course inclusive of employees, customers and suppliers.
