Over bondholder objections, Aegean Marine Friday obtained approval for the bankruptcy financing plan backed by Swiss commodities trader Mercuria.
The approval gives the former fueling giant a $532m post-bankruptcy boost, capping off a tumultuous year that nearly sank the bunker and tanker company over the summer.
"The relief requested ... is necessary, essential and appropriate, and is in the best interest of and will benefit (Aegean), their creditors and their estates" while providing minimal disruption to its business, wrote Judge Stuart Bernstein in his interim order.
Aegean Marine filed for chapter 11 bankruptcy Tuesday, five day after revealing a fraud scheme related to an oil terminal in the United Arab Emirates cost the company up to $300m and five months after the company was so illiquid key terminals ran dry.
Bondholders moved to block the plan, arguing in court papers that it was in reality a plan by Mercuria — which stepped in as the company's sole lender in June — to take over Aegean. They said their attempts to restructure and finance the company had been rebuffed by Mercuria.
In his order, Bernstein said Aegean had proven they were unable to find better terms than what Mercuria was offering.
A final hearing has yet to be scheduled.
