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ANW

Aegean Marine

$0.64

-0.276 (-30.13%)

05:41
11/06/18
11/06
05:41
11/06/18
05:41

Aegean Marine files voluntary petitions for Chapter 11

Aegean Marine Petroleum announced that the company and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the Bankruptcy Court for the Southern District of New York. The debtors enter this process with the support of Mercuria Energy Group Limited, a key strategic partner and one of the world's largest independent energy and commodity companies. Mercuria has agreed to provide more than $532 million in postpetition financing to fund the chapter 11 process and the company's working capital needs. It has also agreed to serve as the stalking horse bidder in a sale process designed to optimize the value of the company as a going concern. The company continues to explore value-maximizing alternatives. The debtors have filed a motion with the bankruptcy court seeking to jointly administer all of the debtors' Chapter 11 cases under the caption In re Aegean Marine Petroleum Network Inc., et al. The debtors will continue to operate their businesses as "debtors-in-possession" under the jurisdiction of the bankruptcy court and in accordance with the applicable provisions of the U.S. Bankruptcy Code and orders of the bankruptcy court. The debtors have filed a series of first day motions with the bankruptcy court that seek authorization to continue to conduct their business in the normal course, including in relation to employees, customers and suppliers, among others. The debtors are seeking approval of the Mercuria-led postpetition financing. This financing is designed to ensure the company has adequate working capital to fund the business and continue ordinary course operations during the Chapter 11 Cases and to fund the sale process.

ANW Aegean Marine
$0.64

-0.276 (-30.13%)

02/23/18
STFL
02/23/18
DOWNGRADE
STFL
Hold
Aegean Marine downgraded to Hold from Buy at Stifel
02/23/18
02/23/18
DOWNGRADE
Target $2.5

Hold
Aegean Marine downgraded to Hold on 'indefensible acquisition' at Stifel
As previously reported, Stifel analyst Benjamin Nolan downgraded Aegean Marine to Hold from Buy, saying the company's deal to buy the parent company of Hellenic Environmental Centers "takes the cake" in terms of questionable deals, adding "it is hard to even fathom how any transaction could possibly be worse." Among the reasons he dislikes the deal, he cites the fact Aegean is issuing equity "at the worst possible time...to the one person in the world the company should most avoid dealing with," and that they would be paying "at least 300% more than even a conservative fair value." By giving the founder 20M shares, Nolan thinks Aegean will be able to appoint "friendly" board members who won't rock the boat and "allow shady related party transactions" to continue, he tells investors. The analyst cut his price target on the stock to $2.50 from $8.00.
02/23/18
02/23/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. UPS (UPS) downgraded to Hold from Buy at Deutsche Bank with analyst Amit Mehrotra saying UPS's capex guidance was worse than even the most bearish expectations. 2. Echo Global (ECHO) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Ravi Shanker saying he believes brokers like Echo deserve a "mid-teens multiple at best" as he thinks the mandate for electronic logging devices, or ELDs, will present a challenge to all brokers. 3. Ardagh Group (ARD) downgraded to Market Perform from Outperform at Wells Fargo with analyst Christopher Manuel saying he analyst now sees "limited capital redeployment options" for Ardagh over the next 24-36 months. 4. Acacia Communications (ACIA) downgraded to Neutral from Buy at MKM Partners and to Hold from Buy at DA Davidson and Needham. 5. Aegean Marine (ANW) downgraded to Hold from Buy at Stifel with analyst Benjamin Nolan saying the company's deal to buy the parent company of Hellenic Environmental Centers "takes the cake" in terms of questionable deals, adding "it is hard to even fathom how any transaction could possibly be worse." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/05/18
GHSC
06/05/18
NO CHANGE
GHSC
World Fuel Services could take share from Aegean Marine, says Seaport Global
Seaport Global analyst Kevin Sterling commented on news Aegean Marine (ANW), World Fuel Services' primary competitor in the marine fuel logistics segment, will have to write off $200M of accounts receivables owed to the company. Sterling views this as a "crippling blow" to Aegean Marine as selling bunker fuel is a working capital-intensive business, with receivables being the lifeline and major asset of the company. The analyst said Aegean is "severely weakened" and World Fuel has an opportunity to pick up additional market share, combined with the potential for pricing to have an upward bias.

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AMGN

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