Aegean Marine Petroleum Network Inc said on Tuesday it has received a $681 million “stalking horse bid” by Swiss commodities trader Mercuria Energy Group Ltd.
The proposal has been filed with the U.S. bankruptcy court for the southern district of New York, the marine fuel logistics company said in a statement.
The stalking horse agreement would imply that any other bids that come in must be higher than the offer from Mercuria.
Earlier this month, Aegean Marine and some of its subsidiaries filed for Chapter 11 bankruptcy protection.
The company said it received a court approval granting it access to the $532 million debtor-in-possession credit facility funded by Mercuria.
The Wall Street Journal had reported on Monday that Mercuria is the favorite to buy the bankrupt Aegean Marine.