Americas News
Aegean Back in Play
Marine fuels company Aegean Marine Petroleum Network is to leave bankruptcy court protection in the United States with much reduced debt, the company has said.
Aegean was pushed into seeking chapter 11 carrying high levels of debt and following its weak market performance. The company was also plagued by disputes over its corporate structure and how it was managed.
In a statement, Aegean said on the court's acceptance of its reorganisation plan, the company would "emerge from Chapter 11 restructuring next week as a wholly-owned subsidiary of Mercuria Energy Group".
The move follows a "global settlement" with creditors including Mercuria, American Express Travel Related Service Company, certain holders of the company's unsecured convertible notes as well as its official unsecured creditors' committee.
The company said it had reduced "its funded debt by approximately 80%".
Aegean's chairman, Donald Moore, said the company had turned the page on "past issues" and is looking at the "substantial, long-term opportunities" lying ahead.
Aegean was owned by Greek entrepreneur Dimitris Melissanidis. The company listed in New York in 2006. Melissanidis rescinded control of the company but his lingering influence ultimately lead to a confrontation between the shareholders in the US and the company's board over its future direction.
A series of poor quarterly results, financial irregularities and a botched acquisition lead the company to seek court protection.
