Aegean Marine Petroleum Network has secured access to over $530m in financing after a US bankruptcy court waved through its first day motions.
Aegean filed for Chapter 11 earlier this month in the Southern District of New York just days after an internal probe resulted in sweeping fraud allegations.
The bunker specialist says the move has immediately improved its liquidity position and ensured suppliers, vendors, employees and other partners continue to be paid.
Aegean now has access to $532m in debtor in possession financingfrom Mercuria Energy Group, including $40m in incremental cash over the next 30 days.
As part of the Chapter 11 filing Mercuria has tabled a $681m stalking horse bid for the company.
"The company continues to operate in the normal-course and all payments to suppliers and vendors have been made and will continue to be made during the relatively short anticipated duration of the Chapter 11 process,” said Aegean chairman Donald Moore.
