A group of investors who have filed lawsuits against Aegean Marine Petroleum and its senior management team have now cleared the struggling bunker company's rescue plan. The investors retain the rights to continue their lawsuits.
En række investorer, som har anlagt søgsmål mod Aegean og topledelsen, siger nu god for det nødlidende bunkerselskabs redningsplan. Investorerne forbeholder sig dog retten til at fortsætte sine søgsmål.
Greek bunker company Macoil, a major player in the key Mediterranean ports of Gibraltar and Malta, has temporarily halted operations in the two ports, sources tell ShippingWatch. This happens a few months after competitor Agean Marine Petroleum found itself in serious problems.
In a document submitted to the insolvency court in New York, Aegean Marine Petroleum's creditors link the company's founder, Dimitris Melissanidis, to an alleged fraud case. A spokesperson for Melissanidis denies the accusations in comments to a media.
After two equity funds announced bids for bunker company Aegean Marine Petroleum last week, the original bidder, Mercuria, has now increased its bid. The equity funds are now "withdrawing from the contest," reports Ship & Bunker.
Two new parties are prepared to buy bunker company Aegean, which filed for bankruptcy protection in the US in November. The bidders are well-known shipping names, and they have offered a three-digit million dollar figure for the restructured Aegean, writes Ship&Bunker.
Aegean Marine Petroleum's decision to file for Chapter 11 in the US following an alleged fraud case raises concerns at the International Bunker Industry Association, IBIA, which sees an increased need for an ethical compass in the sector, Chairman Michael Green tells ShippingWatch.
Aegeans ansøgning om konkursbeskyttelse i USA efter påstået svindelsag vækker bekymring hos bunkersammenslutningen Ibia, som ser et øget behov for et etisk kompas i bunkerbranchen, siger formand Michael Green i et interview med ShippingWatch.
Tomorrow, Wednesday, will mark the four-year anniversary of OW Bunker's collapse. And even though the two cases are different, there are also numerous creditors waiting in the wings for Aegean Marine Petroleum. Find the list of unsecured creditors here. The biggest one has claims of more than USD 170 million.
An internal investigation has found evidence that one of the world's largest bunker companies, Aegean, could have been defrauded by up to USD 300 million. Previous employees and an associated company allegedly committed the fraud, which Aegean says involved extortion and threats of violence.
Aegean Marine Petroleum and Mercuria Energy Group have signed an MoU making Mercuria the only lender to Aegean. The two parties are working towards landing a billion dollar credit deal and closer collaboration.
Aegean Marine Petroleum has declined to a deficit in the third quarter due to a tough shipping market and extreme weather conditions, prompting the oil price to rise. The company has lowered costs, says the CEO.