Mercuria’s Aegean Takeover Gets Green Light from EU

European CommissionIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

The European Commission has approved Mercuria Energy’s acquisition of restructured marine fuel logistics firm Aegean Marine Petroleum Network.

The Commission concluded that the proposed transaction would raise no competition concerns as the companies have a limited position in the markets where their activities overlap.

The transaction was examined under the simplified merger review procedure.

The U.S. Bankruptcy Court for the Southern District of New York earlier confirmed Aegean Marine’s reorganization plan, and the takeover by Mercuria, subject to minor modifications.

This development paves the way for the company to emerge from Chapter 11 restructuring next week as a wholly-owned subsidiary of Mercuria Energy, one of the largest independent energy and commodity companies.

“The court’s confirmation of the plan is the culmination of a comprehensive restructuring of the company’s operations and capital structure that positions the business to excel under Mercuria’s ownership,” Tyler Baron, Aegean Board Director, said.

“With the support of Mercuria and our creditors, Aegean will emerge from the Chapter 11 restructuring significantly deleveraged, having reduced its funded debt by approximately 80%,” Baron added.

The company commenced its Chapter 11 process on November 6, 2018, with the support of Mercuria, reorganizing in order to improve its liquidity and position itself for long-term success.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >