A bankruptcy judge said yesterday that he would approve Mercuria Energy Group Ltd.’s takeover of troubled marine fuel supplier Aegean Marine Petroleum Network Inc., the Wall Street Journal reported. Bankruptcy Judge Michael Wiles said during a hearing that he would confirm Aegean Marine’s chapter 11 plan. The decision clears Aegean Marine to exit bankruptcy, which the company sought in early November after an audit committee disclosed a $300 million hole in its books. Under the plan, Mercuria will swap out loans for 100 percent of the equity in Aegean Marine’s common stock upon emerging from chapter 11, court papers say. Overall, Aegean Marine said Mercuria’s decision to equitize bankruptcy loans and other secured debt will deleverage the company’s balance sheet by more than $800 million.
