Aegean Marine Petroleum Network Inc. Receives Court Approval of "First Day" Motions to Support Business Operations

Company Has Access to Substantial Capital to Support Restructuring Process and Operate Business in the Normal Course

$681 Million Acquisition Proposal Filed with the Court Identifying Mercuria as Stalking Horse Bidder

New York - Nov. 20, 2018

Aegean Marine Petroleum Network Inc. (NYSE:ANW) (“Aegean” or the “Company”) announced today that the U.S. Bankruptcy Court for the Southern District of New York (the "Court") granted interim approval of all the Company's first day motions related to its voluntary Chapter 11 restructuring. The approvals by the Court immediately improve the Company's liquidity position, and ensure that suppliers, vendors, and employees, among other critical partners, continue to be paid in the normal course of business.

Through the Court approvals, the Company has access to substantial capital during the restructuring process provided by the $532 million Debtor-in-Possession credit facility (“DIP”) funded by Mercuria Energy Group Limited (“Mercuria”), including an initial $40 million of incremental cash over the next 30 days to support operations.

"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 Donald Moore, Chairman of the Aegean Board. "The Court's approval of our First Day motions is an important step forward in the restructuring process and enables access to incremental liquidity enabling the Company to continue to provide customers high quality service across our global network.”

The Company and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code on November 6, 2018, with the support of Mercuria, a key strategic partner and one of the world’s largest independent energy and commodity companies.

In addition to providing the DIP to fund the Chapter 11 process and the Company’s working capital needs, Mercuria is also acting as the stalking horse bidder in a sale process designed to maximize the value of the Company as a going concern. The Asset Purchase Agreement, including the $681 million stalking horse bid proposed by Mercuria, has been filed with the Court.

In connection with its restructuring efforts, Kirkland & Ellis LLP is acting as legal counsel to Aegean, Moelis & Company LLC is acting as investment banker to Aegean, and EY Turnaround Management Services LLC is acting as restructuring advisor to Aegean.

Additional Information
Additional information about the Chapter 11 cases, court filings and other documents related to the Chapter 11 cases are available on a website administered by the debtors’ claims and noticing agent, Epiq Corporate Restructuring, LLC, at

About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in more than 30 markets and a team of professionals ready to serve its customers wherever they are around the globe. For additional information please visit:

Aegean Marine Petroleum Network Inc. press release