Aegean Marine Files For Chapter 11 To Implement Restructuring

(RTTNews) - Marine fuel logistics company Aegean Marine Petroleum Network Inc. (ANW) announced Tuesday that the Company 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.

The debtors enter this process with the support of Mercuria Energy Group Ltd., a key strategic partner and one of the world's largest independent energy and commodity companies. Mercuria has agreed to provide more than $532 million in post petition financing to fund the chapter 11 process and the Company's working capital needs.

Mercuria 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.

The debtors will continue to operate their businesses as "debtors-in-possession" under the jurisdiction of the bankruptcy court and in accordance with the applicable provisions of the US Bankruptcy Code and orders of the bankruptcy court. The debtors are seeking approval of the Mercuria-led post petition financing.

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.