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    NTSB Investigation: Officers’ distraction causes vessels to collide

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    Tanker breaks down in Suez Canal causing brief disruption

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SAFETY4SEA

US Court approves Aegean’s restructuring progress

by The Editorial Team
January 16, 2019
in Shipping
killing on board

Credit: Shutterstock / Billion Photos

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Aegean announced that the US Bankruptcy Court for the Southern District of New York approved its final motion regarding the $535 million in aggregate Debtor-in-Possession financing from Mercuria Energy Group.

The Court also approved the Aegean’s Restructuring Support Agreement with Mercuria, the Official Committee of Unsecured Creditors of Aegean, American Express Travel Related Services Company, Inc., and certain holders of the Company’s unsecured convertible notes. Moreover, the company filed its plan of reorganization and disclosure statement.

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Mercuria will now receive 100% of the common equity of the reorganized Aegean. Mercuria will also fund $40 million in cash on account of general unsecured creditor recoveries and backstop a $15 million loan to a trust to fund litigation.

In the beginning of November, Aegean had 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.

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In the beginning of November, Aegean had 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.

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.

With the new court approvals, Aegean will have access to substantial capital during the restructuring process provided Mercuria, including an initial $40 million of incremental cash.

The news about Aegean filing for Chapter 11 bankruptcy came after the company 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 industryUS Court

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