Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Aegean Marine files for Chapter 11

Bunker supplier Aegean Marine Petroleum Network has filed for Chapter 11 bankruptcy in New York on Tuesday, after auditors uncovered a fraud amounting to $300m in cash and assets.

Aegean has entered this process with the support of its strategic partner Mercuria Energy Group. Mercuria has agreed to provide more than $532m in post-petition financing to find the Chapter 11 process and Aegean’s working capital needs.

Mercuria would also serve as a ‘staking horse’ bidder, or lead bidder, in the sale of Aegean’s assets.

“The debtors will continue to operate their businesses as ‘debtors-in-possession’ under the jurisdiction of the bankruptcy court and in accordance with the applicable provisions of the US Bankruptcy Code and orders of the bankruptcy court,” Aegean stated.

Kirkland & Ellis LLP is acting as legal counsel to Aegean, Moelis & Company LLC is acting as investment banker to Aegean, and EY Turnaround Management Services LLC is acting as restructuring advisor to Aegean.

Read more: $300m possible fraud uncovered at Aegean Marine

Last week, an audit committee investigation found misappropriation of up to $300m of cash and assets of Aegean. The fraud involved over a dozen Aegean employees including members of senior management.

New York-listed Aegean also had approximately $200m in accounts receivable that arose from purported commercial transactions with shell companies so as to mask the fraudulent activities.

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.