Aegean says its suppliers, vendors, employees and all its critical partners will continue to be paid. File Image / Pixabay
Aegean Marine Petroleum Network [NYSE:ANW] today said it has immediately improved its liquidity position after first day motions for its Chapter 11 restructuring received interim approval from the U.S. Bankruptcy Court for the Southern District of New York.
The resulting headline message from the bunker supplier: its business-as-usual operations and suppliers, vendors, employees and all its critical partners will continue to be paid.
The approval gives Aegean access to an initial $40 million of incremental cash over the next 30 days that says will be used to support its operations, and comes as part of Mecuria’s $532 million Debtor-in-Possession credit facility.
The DIP facility was approved earlier this month, and came alongside Mecuria’s move to purchase the entire business.
"The Company continues to operate in the normal-course and all payments to suppliers and vendors have been made and will continue to be made during the relatively short anticipated duration of the Chapter 11 process,” Donald Moore, Chairman of the Aegean Board, said in a statement released today.
“The Court's approval of our First Day motions is an important step forward in the restructuring process and enables access to incremental liquidity enabling the Company to continue to provide customers high quality service across our global network.”
Aegean filed for Chapter 11 on November 6 as part of efforts to turn a new page following a year of significant upheaval for the bunker suppler.