Aegean Marine gets court OK for bankruptcy financing

|About: Aegean Marine Petroleum Net... (ANW)|By:, SA News Editor

Aegean Marine Petroleum (NYSE:ANW) has obtained court approval to tap into a crucial bankruptcy financing package, allowing it to borrow up to $40M of a $72 million term loan.

The financing package also consists of another $460M in revolving loans that roll up existing debt and ensure the company has liquidity to keep its business afloat while it pursues a sale.

ANW, which filed for Chapter 11 protection earlier this week after an audit uncovered a $300M hole in its books, started a hearing on the financing Wednesday saying it desperately needed a cash infusion to avoid collapse.

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