Aegean is now a post-confirmation litigation-trust case, with operating restructuring largely behind it and the remaining estate value tied to global recovery actions, trust expenses, and completed unsecured-claims distributions reported in the Litigation Trust quarterly reportDkt. 838.
The case began on November 6, 2018, after Aegean’s liquidity collapsed under a large secured and unsecured debt stack and near-term maturities, including $94.5 million of convertible notes that had come due days before the petition date. The filing followed the company’s June 2018 disclosure that roughly $200 million of receivables could require write-off because related transactions lacked economic substance, followed by investigation findings describing a broader alleged misappropriation scheme involving approximately $300 million in cash and assets; Aegean entered chapter 11 with about $3.2 million of cash, roughly $855 million of funded debt, and a marine-fuel logistics platform spanning vessels, storage facilities, and operations across more than 20 countries, as described in the Tyler Baron first-day declarationDkt. 2.
The restructuring path was built around stabilizing liquidity and preserving optionality through Mercuria-backed financing and a sale or plan process. The first-day record described proposed DIP facilities totaling $532 million, operational cost reductions, and sale milestones, while the restructuring-advisor declaration emphasized that Aegean had been operating at sharply reduced levels since mid-2018 amid rising oil prices, reduced borrowing capacity, vendor pressure, and a complex global cash-management footprint spread across 187 bank accounts in 18 jurisdictions in the . By March 2019, the debtors had moved into a plan posture, filing a further revised joint plan of reorganization with eight classes and a March 26, 2019 hearing date, followed by an amended plan supplement shortly before that hearing in the and .
The live case work is now trust administration and litigation recovery. For the quarter ended March 31, 2026, the Litigation Trust reported about $7.0 million of cash/operating assets, $14.9 million of liabilities, a quarterly loss of about $188,000, and continuing proceedings in Luxembourg, Cyprus, and the Marshall Islands, including a Luxembourg stay pending a criminal investigation, Cyprus freezing-order and fraudulent-conveyance litigation, and an RMI receivership over OilTank Engineering & Consulting Ltd. running to August 21, 2026. The same report states that all proofs of claim against Aegean have been reclassified, disallowed, allowed, or settled, and that distributions from the Disputed Claims Reserve to holders of allowed Aegean unsecured claims have been completed through the Litigation Trust quarterly reportDkt. 838.
