Marine fuel logistics company Aegean Marine Petroleum Network has emerged from the voluntary Chapter 11 restructuring after its plan of reorganization became effective.
As informed, the company will now operate as Minerva Bunkering, a global physical supplier of marine fuels and a fully-owned subsidiary of Mercuria Energy Group Limited (Mercuria), an energy and commodity group.
“We are pleased that Aegean has completed its restructuring, and now as part of Mercuria, is a significantly stronger company with greater supply capabilities and access to liquidity,” Tyler Baron, Aegean Board Director, commented.
“As the new Minerva Bunkering, the company looks forward to capitalizing on its enhanced platform,” he added.
“Today (April 4) marks a new chapter for Minerva, as it gains Aegean Marine’s … team and physical network… Now the new Minerva will be able to provide end-to-end service and physically supply fuels in the locations most important to our customers,” Magid Shenouda, Global Head of Trading at Mercuria, commented.
Aegean Marine, which markets and physically supplies refined marine fuel and lubricants to ships in port and at sea, commenced its Chapter 11 process in November 2018, reorganizing in order to improve its liquidity.
Under the terms of the restructuring deal, Mercuria received 100% of the common equity of the reorganized company.
Several days ago, Mercuria’s Aegean acquisition was approved by the European Commission.
The commission concluded that the transaction would raise no competition concerns as the companies have a limited presence in the markets where their activities overlap.