Bondholders Are By Far Aegean's Largest Unsecured Creditors

by Ship & Bunker News Team
Tuesday November 6, 2018

Having filed for Chapter 11 Bankruptcy today, court documents show Aegean Marine Petroleum Network [NYSE:ANW]'s bondholders are owed a little over $267 million and are by far the bunker supplier's largest unsecured creditors accounting for 90% of the $296.4 million total owed to the top 30.

Of that, $94,550,000 was due on bonds that matured last week, on November 1, 2018, an obligation Ship & Bunker had previously identified as a concern for the company's ongoing operations.

An addition $172,500,000 was set to mature in 2021.

Aegean rounds outs its top three largest unsecured creditors with a $20,000,000 contractual claim by American Express Travel Related Services Company Inc.

Beyond that, only Petrojam (owed $3,176,047) and BP Europa SE ($1,133,079) are the only other firms with six figure claims.

Aegean Oil SA ($475,600), Port of Fujairah ($395,792), port reception facilities firm Antipollution A.N.E. ($375,334), Vane Line ($295,000), and Orient Insurance Co PJSC ($288,485) complete the top 10.

The debt distribution is no doubt a reflection of the bunker supplier's deal with Mercuria Energy Group Limited (Mercuria) that was completed in August.