ANW - Aegean Marine Petroleum Network Inc.

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  • Business Wire

    Aegean Marine Petroleum Network Inc. Plan of Reorganization Confirmed by Court

    Aegean Marine Petroleum Network Inc. (ANW) (“Aegean” or the “Company”) announced today that the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) has confirmed its plan of reorganization (the “Plan”), subject to minor modifications. This development paves the way for the Company to emerge from Chapter 11 restructuring next week as a wholly-owned subsidiary of Mercuria Energy Group Limited (“Mercuria”), one of the world’s largest independent energy and commodity companies. The Plan was the result of the Company’s successful global settlement with its various creditor groups, including Mercuria, the Official Committee of Unsecured Creditors of Aegean, American Express Travel Related Services Company, Inc., and certain holders of the Company’s unsecured convertible notes.

  • Business Wire

    Aegean Marine Petroleum Network Inc. Achieves Significant Milestones in Restructuring Progress

    Aegean Marine Petroleum Network Inc. (ANW) (“Aegean” or the “Company”) announced that the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) has approved its revised final motion related to $535 million in aggregate Debtor-in-Possession financing (the “DIP Facility”) from Mercuria Energy Group Limited (“Mercuria”), one of the world’s largest independent energy and commodity companies. The Court also approved the Company’s Restructuring Support Agreement (the “RSA”) with Mercuria, the Official Committee of Unsecured Creditors of Aegean, American Express Travel Related Services Company, Inc., and certain holders of the Company’s unsecured convertible notes.

  • Reuters

    Bondholders push back on Mercuria Energy’s DIP proposal for Aegean

    Bondholders of Greek fuel services provider Aegean Marine Petroleum Network Inc are objecting to a US$532m debtor-in-possession (DIP) loan from Mercuria Energy Group that could give the Swiss commodities trader a controlling stake in the company and push their recoveries into cents on the dollar territory, three sources familiar with the situation said. As part of a court-approved restructuring agreement, Mercuria will provide the DIP financing to bankrupt Aegean in exchange for a “stalking horse bid,” which allows it to bid first on the distressed company’s assets. The move is part of Mercuria’s strategy to finance cash-strapped firms that are strategically linked to its core businesses of energy and commodities trading.

  • Reuters

    Aegean Marine gets $681 mln 'stalking horse bid' from Mercuria Energy

    Aegean Marine Petroleum Network Inc said on Tuesday it has received a $681 million "stalking horse bid" by Swiss commodities trader Mercuria Energy Group Ltd. The stalking horse agreement would imply that any other bids that come in must be higher than the offer from Mercuria. The company said it received a court approval granting it access to the $532 million debtor-in-possession credit facility funded by Mercuria.

  • Business Wire

    Aegean Marine Petroleum Network Inc. Receives Court Approval of "First Day" Motions to Support Business Operations

    Aegean Marine Petroleum Network Inc. (ANW) (“Aegean” or the “Company”) announced today that the U.S. Bankruptcy Court for the Southern District of New York (the "Court") granted interim approval of all the Company's first day motions related to its voluntary Chapter 11 restructuring. 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 $532 million Debtor-in-Possession credit facility (“DIP”) funded by Mercuria Energy Group Limited (“Mercuria”), including an initial $40 million of incremental cash over the next 30 days to support operations.

  • Business Wire

    Aegean Marine Petroleum Network Inc. Files for Chapter 11 to Implement Restructuring Transaction with Mercuria Energy Group Limited

    Aegean Marine Petroleum Network Inc. (ANW) (“Aegean” or the “Company”) announced today that the Company 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 the Company’s working capital needs.

  • Business Wire

    Aegean Marine Petroleum Network Inc. Announces Results of Audit Committee Investigation and Findings of Substantial Misappropriation of Company Assets

    Aegean Marine Petroleum Network Inc. (ANW) (“Aegean” or the “Company”), a leading international marine fuel logistics company, today announced the results of the investigation into certain accounting-related matters by the audit committee of the Company’s Board of Directors (the “Audit Committee”), as well as the Company’s decision to restate certain historical financial statements as a result of the findings of the investigation. Aegean previously reported on June 4, 2018, that, as a result of the preliminary findings of the investigation, the Audit Committee believed that approximately US$200 million of accounts receivable on the Company’s books and records at December 31, 2017 would need to be written off.

  • Business Wire

    Aegean Marine Petroleum Network Announces Key Leadership Changes

    Aegean Marine Petroleum Network Inc. (ANW) (“Aegean” or the “Company”) today announced that President Jonathan McIlroy will leave the Company, effective November 15, 2018. On August 9, 2018, the Company announced the appointment of Kostas Polydakis to the position of Chief Operating Officer, as well as his qualifications and experience. Mr. Polydakis is serving on the Company’s Management Committee, along with the Company’s Chief Financial Officer, and the Company’s Global Director of Supply and Trading.