Aegean Marine Petroleum Network: Bankruptcy and Restructuring in 2018

Aegean Marine Petroleum Network

Aegean Marine Petroleum Network Inc. (AMPN), a leading physical supplier of marine fuel, filed for bankruptcy in 2018. The company had been facing financial difficulties for several years due to a combination of factors, including the decline in global oil prices and increased competition from larger suppliers.

Restructuring

In 2018, AMPN underwent a restructuring process that resulted in the emergence of a new entity, Aegean Marine Petroleum Network Holdings Ltd. (AMPH). The new company is owned by a consortium of investors, including funds managed by Apollo Global Management and York Capital Management. AMPH has a smaller fleet of vessels than the previous AMPN and a reduced cost structure.

Outlook

The restructuring of AMPN has enabled the company to emerge from bankruptcy and continue its operations. The new company is well-positioned to compete in the marine fuel market, and it is expected to be profitable in the future.

Oikonomikos Taxydromos

Oikonomikos Taxydromos