Tue 6 Nov 2018, 11:24 GMT

Aegean files for Chapter 11 bankruptcy, seeks buyer


Mercuria agrees to provide $532m to fund business and sale process.


Image credit: Unsplash
Aegean Marine Petroleum Network Inc. and some of its subsidiaries have, on November 6, filed for Chapter 11 bankruptcy in the Bankruptcy Court for the Southern District of New York as the company looks to sell its marine fuel and lubricants business.

The bunker supplier and trader has filed a series of first-day motions that seek authorization to continue to conduct its day-to-day business as normal, in relation to employees, customers and suppliers.

Shareholder Mercuria is said to have agreed to provide more than $532m in post-petition financing to fund the Chapter 11 process and the company's working capital needs, with Aegean currently in the process of seeking approval for the financing.

Commodity trader Mercuria has also agreed to serve as the stalking horse bidder in a sale process aimed at optimizing the value of the company as a going concern, Aegean noted.

Discussing the $532m injection, Aegean said: "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."

Aegean explained that it will continue to operate its businesses as 'debtors-in-possession' in accordance with the applicable provisions of the US Bankruptcy Code and orders of the bankruptcy court.

"The Company continues to explore value-maximizing alternatives," Aegean declared.

Kirkland & Ellis LLP is acting as legal counsel to Aegean, whilst Moelis & Company LLC is serving as investment bank.


Nicolaj Kofoed, Blue Energy Partners. Blue Energy Partners appoints Nicolaj Kofoed as group treasurer  

Bunker firm strengthens treasury function as banking relationships and funding needs grow.

Bunker Partner logo. Bunker Partner seeks trainee lawyer for Athens office  

Role offering the opportunity to a law graduate to gain practical experience in maritime law.

Type approval test (TAT) for H22CDF-GA engine. HD Hyundai gains type approval for low-pressure ammonia dual-fuel engine  

HHI-EMD completes type approval testing for its H22CDF-GA engine, expanding its ammonia engine portfolio to two fuel-supply technologies.

Moataz Abdelrahman, Flex Commodities. Flex Commodities appoints Moataz Abdelrahman as senior marine fuels trader  

Dubai-based trading firm adds senior trader to expand marine fuels and bunker trading activities across the Middle East.

Container vessel manoeuvring in port. Alternative-fuel ship orders outpace port infrastructure, LR report finds  

Lloyd's Register study shows methanol and ammonia bunkering infrastructure lagging behind newbuild orders for alternative-fuel vessels.

UEC60LSJ ammonia-fuelled engine render. J-ENG secures orders for four ammonia-fuelled engines under Japanese PCTC project  

Vessels form part of plan to build four ammonia-fuelled car carriers, a dedicated bunkering vessel and supply chain.

Hanwha Power receives ABS AiP for battery-powered containership design. ABS grants AIP to Hanwha Power for 1,700-TEU battery-powered container ship  

Design uses roughly 151 MWh of swappable battery storage for fully electric propulsion on a container vessel.

Peter Krahenbuhl, WinGD. WinGD signs first licence deal with HD Hyundai Marine Engine to expand Korean production  

Mid-bore engine portfolio gains new production route into Korea's bulk carrier and tanker newbuild markets.

ONE Symphony naming ceremony. Ocean Network Express names ammonia- and methanol-ready newbuild ONE Symphony  

Vessel features conventional diesel main engine, with concept designs approved for possible future conversion to methanol or ammonia.

Sing Fuels logo. Sing Fuels seeks Asia-based supply trader to bolster bunker procurement team  

Singapore bunkering firm is recruiting a supply trader to manage marine fuel purchasing across Asia.