November 29, 2018 / 10:33 PM / 4 months ago

Aegean Marine's unsecured creditors rally against bankruptcy loan

Unsecured creditors of Aegean Marine Petroleum Network Inc are asking a court to block a $532 million bankruptcy loan for the maritime fuel provider, arguing the financing could inappropriately help secure the company’s acquisition by its stalking-horse bidder.

Aegean’s official committee of unsecured creditors in a filing on Monday in U.S. Bankruptcy Court for the Southern District of New York said final approval for the loan should not be granted because its final terms will enable Swiss commodities trader Mercuria Energy Group Ltd to acquire the Greek company through a suspect “loan-to-own strategy” involving a credit bid.

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