NOVEMBER 6, 2018 — Aegean Marine Petroleum Network Inc. (NYSE:ANW) and various subsidiaries have filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York.
Aegean is the world’s biggest independent physical supplier of marine fuels and owns the world’s largest fleet of bunkering tankers. It said today that it is entering the Chapter 11 process with the support of Mercuria Energy Group Limited,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 optimize the value of the company as a going concern. Aegean says it “continues to explore value-maximizing alternatives.”
The debtors have filed a series of first day motions with the bankruptcy court that seek authorization to continue to conduct their business in the normal course, including in relation to employees, customers and suppliers, among others. The debtors are seeking approval of the Mercuria-led postpetition financing. This financing is designed to ensure the company has adequate working capital to fund the business and continue ordinary course operations during the Chapter 11 Cases and to fund the sale process.
The Chapter 11 filing comes after Aegean disclosed on Friday that its Audit Committee now believes that up to $300 million of company cash and other assets have been misappropriated through fraudulent activities involving an unnamed “former affiliate.” (MORE).
Additional information about the Chapter 11 cases, court filings and other documents related to the Chapter 11 cases are available on a website administered by the debtors’ claims and noticing agent, Epiq Corporate Restructuring, LLC.