Mercuria's proposal get the OK from courts.
Aegean Marine Petroleum Network (Aegean)'s restructuring support agreement (RSA) and debtor-in-possession (DIP) plan put forward by Mercuria has received court approval.
Mercuria's second attempt at a deal came in December after a rival bid was made by Oaktree Capital Management and Hartree Partners.
But after the revised offer attracted the support of previously disgruntled creditors, Mercuria's plan for the bunker supplier is now moving forward on an uncontested basis.
The deal sees Mercuria get 100% of the New Common Equity in the reorganized Aegean and unsecured creditors get an initial $40 million in cash.
After that, it comes down to monies recovered by a newly created Litigation Trust that will pursue various claims related to cash and other assets alleged to have been misappropriated from the firm.
Chief among those claims is the suspected fraud first revealed in June last year that was initially thought to be around $200 million, a figure revised the following November to be $300 million.
The first $18 million of the recovered monies will be paid to those funding the Litigation Trust, after which monies will go to unsecured creditors until they are paid in full. Anything left after that goes to those with original equity interests.
Read: Interview With Aegean: From the Brink of Liquidation to Ambitions of Growth