Aegean Marine Gets Interim Access To $532M DIP Package
Law360 (November 9, 2018, 7:03 PM EST) -- After two days of a contentious battle over bankruptcy financing provisions, Greek marine refueling company Aegean Marine Petroleum Network Inc. was given the go-ahead Friday to begin withdrawing from a $532 million debtor-in-possession loan package provided by its potential buyer.
The interim order signed by U.S. Bankruptcy Judge Stuart Bernstein allows Aegean Marine to borrow up to $40 million from a $72 million new liquidity term loan. The DIP financing package also consists of a $160 million U.S. revolving credit facility and a $300 million global revolving credit facility that roll up debt accrued before the company filed for bankruptcy on...
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