Connect with us

Legal

Aegean Chapter 11: Mercuria counters Oaktree/Hartree proposal plan

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

Published

8 years ago

on

5c16dced41cab 1545002221

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:

Related: Aegean Chapter 11: NYSE delisting scheduled for December 3
Related: Aegean Chapter 11: U.S. Bankruptcy Court grants first day motions
Related: Aegean Chapter 11: Official committee of unsecured creditors appointed
Related: Aegean Chapter 11: Plan for 120-day sale process submitted to court
Related: Aegean Chapter 11: Bondholders object Mercuria’s $532 million DIP Facility
Related: Aegean Chapter 11: Creditor list shows exposure of 30 parties
Related: Aegean files for Chapter 11, Mercuria to be ‘stalking horse bidder’
Related: Aegean auditors alleges up to $300 million ‘misappropriated’
Related: Aegean: Forensic auditors target investigations on four companies
Related: President of Aegean to leave, effective November 15
Related: Rumours: Alleged changes at Aegean’s management
Related: Mercuria starts ‘sole lender’ arrangement with Aegean
Related: Aegean establishes new management committee
Related: Mercuria bails Aegean out with $1 billion credit
Related: Ocean Intelligence comments on Aegean credit downgrade
Related: Aegean shares down 71%, to face legal investigations
Related: Aegean audit uncovers $200 million account discrepancy
Related: Aegean unfolds several business developments
Related: Aegean drops founder, elects new board members
Related: Aegean requests for ‘additional time’ to file annual report
Related: Aegean welcomes new Chief Financial Officer
Related: Lawsuit filed against Aegean’s H.E.C. acquisition
Related: Aegean to offer ‘one-stop-shop solution’ with H.E.C. acquisition
Related: Aegean in $367 million acquisition of port reception facilities services group
Related: Aegean shareholders ‘gravely concerned’ over board’s silence
Related: Shareholders nominate ‘highly qualified’ candidates to Aegean board
Related: Aegean Marine Petroleum Network under shareholder pressure

Published: 17 December, 2018
 

Related Topics:
Continue Reading

Sanctions

US reinstates Iran oil sanctions, orders wind-down by 17 July

US has revoked a licence permitting the purchase of Iranian crude oil, petrochemical products and petroleum products, with the restrictions taking effect immediately.
Admin

Published

22 hours ago

on

July 8, 2026

By

Zbynek Burival on Unsplash

The US Treasury’s Office of Foreign Assets Control (OFAC) on Tuesday (7 July) revoked a licence that had temporarily authorised transactions involving crude oil, petrochemical products and petroleum products of Iranian origin.

Under the new licence, the purchase of Iranian crude oil, petrochemical products and petroleum products is prohibited with immediate effect.

The latest licence replaces an authorisation issued on 22 June, which had been scheduled to remain in force until 21 August. The previous authorisation permitted the bunkering of vessels engaged in the approved transactions.

Parties that entered into contracts for Iranian oil during the period in which the authorisation was in effect have until 17 July to wind down Iran-related transactions.

 

Photo credit: Zbynek Burival on Unsplash
Published: 8 July, 2026

Continue Reading

Legal

Russian court orders marine fuel supplier Transbunker assets transferred to state

A Moscow court has reportedly ordered the transfer of assets belonging to Russian marine fuel supplier Transbunker to state ownership.
Admin

Published

22 hours ago

on

July 8, 2026

By

Egor Filin on Unsplash

A Moscow court has reportedly ordered the transfer of assets belonging to Russian marine fuel supplier Transbunker to state ownership.

This comes following a lawsuit alleging the company was illegally controlled through offshore corporate structures, according to The Moscow Times. 

The ruling grants the Russian Prosecutor General’s Office’s claims in full and takes immediate effect. Prosecutors argued that Transbunker, one of Russia’s largest marine fuel suppliers, was subject to restrictions on foreign ownership because the companies within the group qualify as strategic enterprises. 

The case targets Transbunker founders Iosif Sandler and Sergei Pugachev, both Cypriot citizens, along with Transbunker Management CEO Yelena Zavyalova. 

Prosecutors alleged the founders concealed control of the group through offshore entities in jurisdictions including Cyprus and the British Virgin Islands, while transferring profits abroad. Authorities claim RUB 19.3 billion (USD 247 million) has been moved out of Russia since 2020.

Founded in 1991, Transbunker has developed a nationwide marine fuel supply network serving Russian ports in the Baltic, Black Sea and Far East. The group owns fuel terminals in Novorossiysk, Vanino, Sakhalin and the Leningrad region, among other assets.

 

Photo credit: Egor Filin on Unsplash
Published: 8 July, 2026

Continue Reading

Winding up

Singapore: Annual general meetings scheduled for Xihe Holdings subsidiaries

Annual general meetings of companies/creditors will be held electronically from between 21 July to 5 for 11 subsidiaries of Xihe Holdings.

Admin

Published

2 days ago

on

July 7, 2026

By

Resized benjamin child

Several notices were published on the Government Gazette on Tuesday (26 May) regarding the annual general meetings of the companies and creditors to be held electronically from between 21 July to 5 August for 11 subsidiaries of Xihe Holdings. 

Annual general meetings for Xin Dun Shipping are to be held on 21 July at the following time:

  • For the company and creditors: 4pm

Annual general meetings for Xin Ya Shipping are to be held on 24 July at the following time:

  • For the company and creditors: 3pm

Annual general meetings for Xin Chun Shipping are to be held on 21 July at the following times:

  • For the company: 2pm
  • For the creditors: 3pm

Annual general meetings for Nan Sia Maritime are to be held on 24 July at the following time:

  • For the company and creditors: 2pm

Annual general meetings for Nan Hai Maritime are to be held on 23 July at the following time:

  • For the company and creditors: 3pm

Annual general meetings for Hua Xin Shipping are to be held on 4 August at the following time:

  • For the company and creditors: 3pm

Annual general meetings for Hua Kang Shipping are to be held on 23 July at the following time:

  • For the company and creditors: 2pm

Annual general meetings for Hua Gang Shipping are to be held on 4 August at the following time:

  • For the company and creditors: 2pm

Annual general meetings for Hua An Shipping are to be held on 22 July at the following time:

  • For the company and creditors: 4pm

Annual general meetings for Dong Fang Shipping are to be held on 22 July at the following times:

  • For the company: 2pm
  • For the creditors: 3pm

Annual general meeting for Nan Ya Maritime is to be held on 5 August at the following time:

  • For the company: 2pm

The agenda for all the meetings are:

  • To receive an update on the liquidation.
  • To receive an account of the Liquidators’ acts and dealings, and of the conduct of the winding up.

The following are the details of the liquidator: 

Ho May Kee
Liquidator
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

 

Photo credit: Benjamin Child
Published: 7 July, 2026

Continue Reading

Trending