Aegean Expects Quick Emerge from Chapter 11

Aegean

Aegean Marine Petroleum Network announced that the U.S. Bankruptcy Court for the Southern District of New York has approved its revised final motion related to $535 million in aggregate Debtor-in-Possession financing from Mercuria Energy Group Limited, one of the world’s largest independent energy and commodity companies.

The Court also approved the Company’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. In addition, the Company filed its plan of reorganization and disclosure statement, critical steps toward exiting bankruptcy.

“The Court’s actions represent key milestones in Aegean’s restructuring process and position the Company to quickly emerge from Chapter 11 much stronger than before. Both the DIP and the RSA result from a deliberate, arm’s-length process involving world-class institutions, undertaken to ensure continued high-quality service across our global network, maximize creditor recoveries and avoid months of contentious, value-destroying litigation,” said Tyler Baron, Aegean Board Director. “Upon completion of this process, currently anticipated around the end of the first quarter, the new company – with ample access to liquidity, streamlined operations, a refreshed management team, and the ability to leverage Mercuria’s core competencies – will be better positioned for long-term growth than ever.”

Under the terms of the Court-approved RSA, Mercuria will receive 100% of the common equity of the reorganized Company. Mercuria will also fund $40 million in cash on account of general unsecured creditor recoveries at the Company and backstop a $15 million loan to a trust to fund litigation.

General unsecured creditors at the parent will receive 100% of the initial proceeds from litigation claims (after repayment of the Litigation Trust Loan plus $3 million), until they receive payment in full on account of their allowed claims. General unsecured creditors at the subsidiaries will receive full recoveries in the normal course, under the agreement. Holders of the Company’s pre-prepetition common equity will receive 100% of the residual interests in the litigation claims once general unsecured creditors at the parent have received payment in full. Pursuant to reasonable and achievable milestones, the Company will implement its restructuring plan, and expects to emerge from Chapter 11 around the end of the first quarter of 2019.

In connection with the Company’s restructuring efforts, Kirkland & Ellis LLP is acting as legal counsel to Aegean, Moelis & Company LLC is acting as investment banker to Aegean, and EY Turnaround Management Services LLC is acting as restructuring advisor to Aegean.

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