Marine fuels and lubricants supplier Aegean Marine Petroleum Network Inc. emerged from Chapter 11 restructuring last week under a new name - Minerva Bunkering - as a wholly-owned subsidiary of Mercuria Energy Group Ltd., an independent energy and commodity company based in Geneva, Switzerland.
As part of Mercuria, Aegean will be a significantly stronger company with greater supply capabilities and access to liquidity, Aegean Board Director Tyler Baron said in an April 4 news release. He touted Mercurias global reach, risk-management expertise and trading options in combination with Aegeans extensive physical supply capabilities. The courts confirmation of the plan is the culmination of a comprehensive restructuring of the companys operations and capital structure that positions the business to excel under Mercurias ownership.
Magid Shenouda, global head of trading at Mercuria, said in a news release that, Today markets a new chapter for Minerva, as it gains Aegean Marines industry-leading team and physical network.
Greece-based Aegean announced its Chapter 11 filing in November last year. At the time, the company said that Mercuria had agreed to provide more than $532 million in post petition financing to fund the Chapter 11 process and Aegeans working capital needs. Mercuria 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. A stalking-horse bid is an initial bid on the assets of a bankrupt company. Mercurias bid for Aegean was not disclosed.
A U.S. Bankruptcy Court in New York confirmed Aegean Marine Petroleum Networks plan for reorganization last month, subject to minor modifications. According to court documents, the plan went into effect on April 3. Piraeus, Greece-headquartered Aegean said the plan was the result of its global settlement with its various creditor groups, including Mercuria, The Official Committee of Unsecured Creditors of Aegean, American Express Travel Related Services Co. and certain holders of the companys unsecured convertible notes.
Aegean Marine Petroleum Network is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea.