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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.