Aegean Marine Emerges From Chapter 11 Reorganization As Minerva Bunkering

(RTTNews) - Marine fuel logistics company Aegean Marine Petroleum Network Inc. (ANWWQ) announced Thursday that its plan of reorganization became effective and it has emerged from the voluntary Chapter 11 restructuring commenced on November 6, 2018.

The company will now operate as Minerva Bunkering, a physical supplier of marine fuels and a unit of Mercuria Energy Group Limited, a major privately-held energy and commodities group with an annual turnover in excess of $100 billion.

Aegean Board Director Tyler Baron said, "We are pleased that Aegean has completed its restructuring, and now as part of Mercuria, is a significantly stronger company with greater supply capabilities and access to liquidity."

Magid Shenouda, Global Head of Trading at Mercuria, said, "Today marks a new chapter for Minerva, as it gains Aegean Marine's industry-leading team and physical network. Minerva was built on the premise of selling fuel to its customers where and when they need it in the most cost-effective way. Now the new Minerva will be able to provide end-to-end service and physically supply fuels in the locations most important to our customers."