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Marine fuel logistics company Aegean Marine Petroleum Network and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the Bankruptcy Court for the Southern District of New York.
As informed, the debtors enter this process with the support of commodity trading company Mercuria Energy Group Limited, a key strategic partner.
Mercuria has agreed to provide more than USD 532 million in post-petition financing to fund the Chapter 11 process and the company’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.
“The company continues to explore value-maximizing alternatives,” Aegean Marine said.
The debtors have filed a motion with the bankruptcy court seeking to jointly administer all of the debtors’ Chapter 11 cases under the caption In re Aegean Marine Petroleum Network Inc., et al. The debtors will continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the bankruptcy court. They 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 post-petition financing. This financing is designed to ensure Aegean has adequate working capital to fund the business and continue ordinary course operations during the Chapter 11 cases and to fund the sale process, according to the company.