Subscribe to our Mailing Lists (It's free!)
Monday, October 2, 2023
SAFETY4SEA
  • Home
  • Safety
    • All
    • Accidents
    • Alerts
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
    Future Maritime Leaders

    Danish Shipping works with IMO for a safer, greener shipping

    UK MAIB Safety Digest 2023, 2nd Edition

    UK MAIB Safety Digest 2023, 2nd Edition

    londons insurance markets

    Gard: Risk mitigation measures for high risk areas

    Trauma-informed approach key to appropriate and effective casualty investigations

    Trauma-informed approach key to appropriate and effective casualty investigations

  • SEAFiT
    • All
    • Intellectual
    • Mental
    • Physical
    • Social
    • Spiritual
    thinking out of the box

    Thinking out of the box: 5 tips for creative thinking

    Practicing gratitude can change your life

    Practicing gratitude can change your life

    Always do what your gut tells you: Keep it healthy

    Always do what your gut tells you: Keep it healthy

    Book Review: A role model for ship managers

    Book Review: How we perceive and deal with luck in life and business

  • Green
    • All
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
    LR, Cargill, Minerva Dry and NACKS team up on methanol bulk carrier

    LR, Cargill, Minerva Dry and NACKS team up on methanol bulk carrier

    Future Maritime Leaders

    Danish Shipping works with IMO for a safer, greener shipping

    Cepsa begins distributing biofuels at the Port of Barcelona

    Cepsa begins distributing biofuels at the Port of Barcelona

    X-Press Feeders orders six methanol dual-fuel containerships

    Tsunesihi Shipbuilding receives more orders for methanol-fueled vessels

  • Smart
    • All
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart
    IACS enhances requirements on cyber security

    IACS enhances requirements on cyber security

    New 3D printing joint venture for shipping industry

    New 3D printing joint venture for shipping industry

    Jotun Hellas pioneers vessel maintenance and safety with novel Aerial Drone Inspection Service

    Jotun Hellas pioneers vessel maintenance and safety with novel Aerial Drone Inspection Service

    OneCare Solutions releases groundbreaking mobile app with holistic approach to seafarer wellbeing

    OneCare Solutions releases groundbreaking mobile app with holistic approach to seafarer wellbeing

  • Risk
    • All
    • CIC
    • Detentions
    • Fines
    • PSC Case Studies
    • PSC Focus
    • Vetting
    indian seafarers prison

    Cruise captain jailed for 5 years in fatal Hungary boat accident

    canada shipwreck

    Ghana imposes strict PSC and fines over MARPOL violations

    ClassNK amends its rules on construction of steel ships

    Liberia: How to comply with PSC focus on firefighting and clean machinery spaces

    orange county oil spill fines

    Crude oil tanker to pay 88 crores for damaging Haldia oil jetty

  • Others
    • All
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Reports
    • Shipping
    • Sustainability
    • Videos
    Cepsa begins distributing biofuels at the Port of Barcelona

    Cepsa begins distributing biofuels at the Port of Barcelona

    Panama Canal

    Panama Canal to allow 31 transits per day, starting November 1st

    Port of London welcomes world’s first green methanol container vessel

    Port of London welcomes world’s first green methanol container vessel

    nord stream

    Baltic Exchange: Maritime market highlights 25 – 29 September

  • Columns
    Safeguarding seafarer welfare in an era of decarbonisation

    Safeguarding seafarer welfare in an era of decarbonisation

    AD Ports, Karachi Port Trust sign MoU to develop terminal infrastructure

    Decarbonising UK freight: the UK coastal shipping opportunity

    Gard Club: Industry needs to mature and learn from incidents and human errors

    Gard Club: Industry needs to mature and learn from incidents and human errors

    Trending Tags

    • Book Review
    • Career Paths
    • Industry Voices
    • Interviews
    • Maripedia
    • Maritime History
    • Resilience
    • Seafarers Stories
    • SeaSense
    • Wellness Corner
  • Events
  • Plus
No Result
View All Result
  • Home
  • Safety
    • All
    • Accidents
    • Alerts
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
    Future Maritime Leaders

    Danish Shipping works with IMO for a safer, greener shipping

    UK MAIB Safety Digest 2023, 2nd Edition

    UK MAIB Safety Digest 2023, 2nd Edition

    londons insurance markets

    Gard: Risk mitigation measures for high risk areas

    Trauma-informed approach key to appropriate and effective casualty investigations

    Trauma-informed approach key to appropriate and effective casualty investigations

  • SEAFiT
    • All
    • Intellectual
    • Mental
    • Physical
    • Social
    • Spiritual
    thinking out of the box

    Thinking out of the box: 5 tips for creative thinking

    Practicing gratitude can change your life

    Practicing gratitude can change your life

    Always do what your gut tells you: Keep it healthy

    Always do what your gut tells you: Keep it healthy

    Book Review: A role model for ship managers

    Book Review: How we perceive and deal with luck in life and business

  • Green
    • All
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
    LR, Cargill, Minerva Dry and NACKS team up on methanol bulk carrier

    LR, Cargill, Minerva Dry and NACKS team up on methanol bulk carrier

    Future Maritime Leaders

    Danish Shipping works with IMO for a safer, greener shipping

    Cepsa begins distributing biofuels at the Port of Barcelona

    Cepsa begins distributing biofuels at the Port of Barcelona

    X-Press Feeders orders six methanol dual-fuel containerships

    Tsunesihi Shipbuilding receives more orders for methanol-fueled vessels

  • Smart
    • All
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart
    IACS enhances requirements on cyber security

    IACS enhances requirements on cyber security

    New 3D printing joint venture for shipping industry

    New 3D printing joint venture for shipping industry

    Jotun Hellas pioneers vessel maintenance and safety with novel Aerial Drone Inspection Service

    Jotun Hellas pioneers vessel maintenance and safety with novel Aerial Drone Inspection Service

    OneCare Solutions releases groundbreaking mobile app with holistic approach to seafarer wellbeing

    OneCare Solutions releases groundbreaking mobile app with holistic approach to seafarer wellbeing

  • Risk
    • All
    • CIC
    • Detentions
    • Fines
    • PSC Case Studies
    • PSC Focus
    • Vetting
    indian seafarers prison

    Cruise captain jailed for 5 years in fatal Hungary boat accident

    canada shipwreck

    Ghana imposes strict PSC and fines over MARPOL violations

    ClassNK amends its rules on construction of steel ships

    Liberia: How to comply with PSC focus on firefighting and clean machinery spaces

    orange county oil spill fines

    Crude oil tanker to pay 88 crores for damaging Haldia oil jetty

  • Others
    • All
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Reports
    • Shipping
    • Sustainability
    • Videos
    Cepsa begins distributing biofuels at the Port of Barcelona

    Cepsa begins distributing biofuels at the Port of Barcelona

    Panama Canal

    Panama Canal to allow 31 transits per day, starting November 1st

    Port of London welcomes world’s first green methanol container vessel

    Port of London welcomes world’s first green methanol container vessel

    nord stream

    Baltic Exchange: Maritime market highlights 25 – 29 September

  • Columns
    Safeguarding seafarer welfare in an era of decarbonisation

    Safeguarding seafarer welfare in an era of decarbonisation

    AD Ports, Karachi Port Trust sign MoU to develop terminal infrastructure

    Decarbonising UK freight: the UK coastal shipping opportunity

    Gard Club: Industry needs to mature and learn from incidents and human errors

    Gard Club: Industry needs to mature and learn from incidents and human errors

    Trending Tags

    • Book Review
    • Career Paths
    • Industry Voices
    • Interviews
    • Maripedia
    • Maritime History
    • Resilience
    • Seafarers Stories
    • SeaSense
    • Wellness Corner
  • Events
  • Plus
No Result
View All Result
SAFETY4SEA

Aegean Marine files for Chapter 11 bankruptcy

by The Editorial Team
November 7, 2018
in Fines
Weatherford
FacebookTwitterEmailLinkedin

Aegean Marine Petroleum Network Inc. (Aegean) announced that it has filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code. The debtors entered this process with the support of Mercuria Energy Group, an independent energy and commodity company.

Mercuria will provide over $532 million in postpetition financing to fund the chapter 11 process and Aegean’s working capital needs. It will also serve as the stalking horse bidder in a sale process, aiming to optimize the value of the company as a going concern. Aegean will continue to explore value-maximizing alternatives.

GET THE SAFETY4SEA IN YOUR INBOX!

The debtors will continue to operate their businesses as ‘debtors-in-possession’ under the jurisdiction of the bankruptcy court and according with the relevant provisions of the US Bankruptcy Code and orders of the bankruptcy court.

They have also filed a series of first day motions with the bankruptcy court, seeking authorization to continue to carry out their business in the normal course, including in relation to employees, customers and suppliers, among others.

RelatedNews

Russia removes ban on high-sulfer and bunker fuel exports

UNCTAD: Review of Maritime Transport 2023

What is more, the debtors are seeking approval of the Mercuria-led postpetition financing, to ensure that Aegean has enough working capital to fund the business and continue ordinary course operations during the Chapter 11 Cases and to fund the sale process.

This announcement comes after news last week, that Aegean had written-off of $200m of expected payments that, according to the company, did not have economic substance.

According to sources, in addition to the $200m, another $100m may have been misappropriated under fraudulent activities.

In fact, during summer, Aegean had informed that $200m of receivables were not able to be collected, while a probe had discovered pre-payments for oil deliveries that were never made.

Furthermore, it was discovered that funds were misappropriated through fraudulent pricing regarding the building of an oil terminal in Fujairah.

Tags: bankruptcyfraudoil and gas industry
Previous Post

ABS: Guidance on smart function implementation

Next Post

LNG shipping rates record all-time high ahead of winter

Related News

Oil rig capsizes in Nigeria, claiming one life
Accidents

Oil rig capsizes in Nigeria, claiming one life

August 16, 2023
HMDC pleads guilty to causing 2019 oil spill
Pollution

HMDC pleads guilty to causing 2019 oil spill

August 3, 2023
Watch: U.S. refinery capacity increases for the first time since the pandemic
Fuels

Watch: U.S. refinery capacity increases for the first time since the pandemic

July 26, 2023
Security

AMSA’s guidelines to avoid being scammed

July 24, 2023
BIMCO Q2 2023: Dry bulk market outlook
Fuels

EIA: Crude oil prices to increase through 2024

July 20, 2023
Maritime fuel fraud results in approximately $5 billion in losses
Fuels

Maritime fuel fraud results in approximately $5 billion in losses

July 19, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Houston Ship Channel

Houston Pilots: Vessels must override their power limiter to avoid navigational risks

September 29, 2023
NATO phonetic alphabet

Do you know what NATO phonetic alphabet is?

November 24, 2020
MARITIME EVENTS

Explore

  • Safety
  • SEAFiT
  • Green
  • Smart
  • Risk
  • Others
  • SAFETY4SEA Events
  • SAFETY4SEA Plus Subscription

Useful Links

  • About
  • Disclaimer
  • Editorial Policies
  • Advertising
  • Content Marketing
  • Contact

© 2021 SAFETY4SEA

No Result
View All Result
  • Safety
    • Accidents
    • Alerts
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
  • SEAFiT
    • Intellectual
    • Mental
    • Physical
    • Social
    • Spiritual
  • Green
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
  • Smart
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart
  • Risk
    • CIC
    • Detentions
    • Fines
    • PSC Case Studies
    • PSC Focus
    • Vetting
  • Others
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Reports
    • Shipping
    • Sustainability
    • Videos
  • Columns
    • Opinions
    • Book Review
    • Career Paths
    • Industry Voices
    • Interviews
    • Maripedia
    • Maritime History
    • Resilience
    • Seafarers Stories
    • SeaSense
    • Wellness Corner
  • SAFETY4SEA Events
  • SAFETY4SEA Plus Subscription

© 2021 SAFETY4SEA

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Disclaimer.