World News
Bondholders Are By Far Aegean's Largest Unsecured Creditors
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.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.50 | 0.00 | 665.50 | 1.00 |
| Rotterdam | 512.00 | 3.00 | 663.00 | 0.50 |
| Houston | 545.50 | 3.00 | 666.00 | 9.50 |
| Fujairah | 560.50 | 0.00 | 743.50 | 1.50 |
| Global 20 Ports Average | 584.00 | 1.00 | 751.50 | 2.00 |
| Global 4 Ports Average | 547.50 | 0.00 | 684.50 | 2.50 |
| Global Average Bunker Price | 633.50 | 0.50 | 805.50 | 0.00 |
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