January 17, 2019 / 12:51 AM / 7 months ago

Aegean Marine says has plan for cutting $800 mln in debt to exit Ch. 11

Maritime fuel provider Aegean Marine Petroleum Network said on Wednesday it has a new plan for emerging from bankruptcy that will cut up to $800 million of its $855 million debt.

The plan is major improvement over Aegean’s options when it filed for Chapter 11 bankruptcy protection in November and marks a “herculean leap” from the imminent liquidation it faced last summer, the company said in a filing in U.S. Bankruptcy Court for the Southern District of New York.

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