Legal

Aegean Chapter 11: Mercuria counters Oaktree/Hartree proposal plan

Creditors enter agreement to avoid ‘potentially value destructive litigation in favor of global peace’.

Published

8 years ago

December 16, 2018

Admin

Aegean Marine Petroleum Network Inc. (Aegean) and Mercuria Energy Group Limited (Mercuria) have reached an agreement with the committee of creditors to implement a revised Restructuring Support Agreement (RSA), show legal documents submitted on 15 December, 2018.

Mercuria’s initial DIP financing scheme submitted on 6 November was bettered by an alternative proposal from Oaktree Capital Management, L.P. and Hartree Partners, L.P. which gained more than 50% support from Aegean’s stakeholders on 13 December.

“Meanwhile, [on 14 December] Mercuria submitted an improved proposal that delivers even greater value than the Initial Mercuria Proposal and the Oaktree / Hartree Proposal,” said Aegean legal documents.

“The Debtors and the Committee further engaged Mercuria in connection therewith.

“These negotiations culminated in the overnight negotiation and documentation of the RSA, which the Debtors believe to the best available option for providing their estates with the necessary liquidity to fund these chapter 11 cases, maximizing creditor recoveries, and positioning the Debtors for long-term success.”

The principal terms of the new RSA can be summarised as follows:

The Debtors will implement the restructuring transactions pursuant to a chapter 11 plan process.
Upon the effective date of the Plan, Mercuria will receive 100% of the common equity of Reorganized AMPNI in consideration for the cancellation of its claims under the DIP Financing Facilities and, if any, Secured Credit Facilities.
Mercuria will fund $40 million in cash on account of general unsecured creditor recoveries at AMPNI.
Holders of unsecured creditors at AMPNI that have executed the RSA prior to confirmation of the Plan will have the opportunity to participate pro rata in the initial $15 million funding of the Litigation Trust (the “Litigation Trust Loan”). Mercuria will backstop the Litigation Trust Loan to the extent not fully funded by holders of unsecured creditors at AMPNI.
General unsecured creditors at AMPNI will receive 100% of the initial proceeds from the Litigation Claims (after repayment of the Litigation Trust Loan plus $3 million), which will be transferred to and prosecuted by the Litigation Trust, until they receive Payment in Full on account of their allowed claims.
Holders of pre-petition AMPNI common equity will receive 100% of the residiual interests in the Litigation Claims once general unsecured creditors at AMPNI have received payment in full.
The RSA contemplates Unimpaired recoveries for (i) the lenders holding Secured Term Loan Claims and (ii) general unsecured creditors at the Debtors’ subsidiaries.
The Debtors will emerge from chapter 11 in the first half of 2019.

“In short, the RSA enables the parties to avoid months of highly contentious, potentially value destructive litigation in favor of global peace,” explains Aegean.

“The RSA contemplates mutual releases and exculpations with appropriate carve outs for the Litigation Claims to be transferred to the Litigation Trust.

“The Debtors believe that the RSA and related DIP financing provide the best available path forward for these chapter 11 cases and to maximize the value of their estates.

“For these reasons, the Debtors respectfully submit that entry into, and performance under, the RSA reflects a sound exercise of business judgment and should be approved.”

The Mercuria RSA is scheduled for approval by the United States Bankruptcy Court for the Southern District of New York on 14 January 2019.

A timeline organised list of events preceding the current development have been recorded by Manifold Times below:

Published: 17 December, 2018

Winding up

Singapore: Liquidators of East Marine Pte Ltd issues notice of annual meeting

Annual meeting of the company and its creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 via audio-visual conference on 20 August at 11am.

Published

2 days ago

August 12, 2026

Admin

A notice of annual meeting was issued by liquidators of East Marine Pte Ltd, which is in creditor’s voluntary liquidation, on the Government Gazette on Friday (7 August).

According to the notice, the annual meeting of the company and its creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 via audio-visual conference on 20 August at 11am.

The purpose of the meeting is to have an account laid before the meeting showing the acts and dealings of the liquidators and the conduct of the winding up in the preceding year.

The following are the details of the liquidators:

Ng Kian Kiat
Yap Hui Li
Liquidators
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

Photo credit: steve pb from Pixabay
Published: 12 August, 2026

Winding up

Singapore: Annual and final meetings to be held for Asia-Pacific Shipyard Pte Ltd

Annual meeting and the final meeting of the company and its creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 via audio-visual conference on 9 September.

Published

2 days ago

August 12, 2026

Admin

A notice of annual meeting and final meeting was issued by liquidators of Asia-Pacific Shipyard Pte Ltd, which is in creditor’s voluntary liquidation, on the Government Gazette on Friday (7 August).

According to the notice, the annual meeting and the final meeting of the company and its creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 via audio-visual conference on 9 September.

The annual meeting will be held at 2pm while the final meeting will be held at 3pm.

The purpose of the meeting is to have an account laid before the meeting showing the acts and dealings of the liquidators and the conduct of the winding up in the preceding year and the manner in which the winding up has been conducted and the property of the company has been disposed of and hearing any explanation that may be given by the liquidators.

The following are the details of the liquidators:

Ng Kian Kiat
Yap Hui Li
Liquidators
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

Photo credit: Drew Beamer
Published: 12 August, 2026

Sanctions

Reed Smith relocates sanctions partner Alex Brandt from London to Singapore

Brandt’s relocation to the city-state is a direct response to increased client demand for sanctions advice in Asia, says law firm.

Published

2 days ago

August 12, 2026

Admin

Reed Smith relocates sanctions partner Alex Brandt from London to Singapore

Global law firm Reed Smith on Tuesday (11 August) announced the relocation of global shipping and sanctions partner Alex Brandt from London to Singapore.

Brandt advises insurers, owners, charterers, brokers, and traders on all aspects of sanctions-related challenges, providing analysis of applicable legislation, assistance with due diligence work, and training.

He has extensive experience of U.S. and UK government investigations, disclosures, and enforcement actions and has been centrally involved in many of the most high-profile designations, seizures, and enforcement actions brought against members of the international shipping community.

Brandt also has wide-ranging experience drafting protective language for transportation, trade and financing contracts, and has worked with major lenders and other organisations to develop best-in-class compliance programmes. He also has sat on a number of BIMCO and other organisations’ drafting committees, assisting in the development of industry standard clauses.

In addition to his role in the global sanctions practice, Brandt routinely advises on contractual and tortious rights and obligations pertaining to a wide range of dry shipping matters, including charterparties, P&I club rules, bills of lading, ship sales and purchases, and shipbuilding.

Brandt has previously spent four years in Reed Smith’s Hong Kong office, where in addition to his dry shipping work, he assisted in a number of casualty investigations and criminal prosecutions arising from major casualties.

Praj Samant, Reed Smith’s Asia-Pacific managing partner, said: “We are very pleased to welcome Alex to the Singapore office, and back to Asia. He is a tremendous talent with a global perspective and commercial outlook, which is an invaluable asset to clients both in the region and beyond.”

Richard Hakes, global chair of Reed Smith’s Transportation Industry Group, said: “Our transportation practice’s commitment to Asia and to our clients based in the region is longstanding and Alex’s relocation is a direct response to the needs of our clients. We have a leading and growing shipping practice across Hong Kong, Shanghai and Singapore – with a number of new arrivals in the last year. Alex will be joining that team at an exciting time for us, and at a time where there is high regional demand for his complex sanctions advice.”

Brandt added: “I am delighted to be making the move to a region I am very familiar with already. It is clear that our global clients require increased support in the region, and I look forward to working with the regional team here, as well as continuing to collaborate with our market-leading sanctions team globally.”

Photo credit: Reed Smith
Published: 12 August, 2026