Aegean had a 12 year run on the NYSE. Image Credit: Aegean
After a run of almost 12 years, Aegean Marine Petroleum Network [NYSE:ANW] will be delisted from the New York Stock Exchange on December 3.
NYSE proposed the delisting on November 6 as a result of Aegean filing for Chapter 11, giving the bunker company 10 days to file a written request for the decision to be reviewed.
But a Securities and Exchange Commission filing Wednesday stated the Aegean did not file an appeal within that period.
The company was listed on December 7, 2006, trading at $14 following an IPO that raised some $200 million for the firm. The price rocketed in 2007, breaking $40 by October and all time highs of over $44 the following year.
Ten years later, shares were suspended following the Chapter 11 process at $0.655 with a 52-week high of $5.10.
With the Chapter 11 process underway, Mercuria Energy Group Ltd is seen to be in pole position to buy the bunker supplier in a process that should conclude at the end of February.
With Mercuria's $532 million Debtor-in-Possession financing now in place, the bunker supplier this week has also gone to lengths to stress that suppliers and vendors will continued to be paid, and the firm's fortunes are not a repeat of the 2014 OW Bunker collapse.