The beleaguered bunker supplier has not filed an appeal against the delisting after the New York Stock Exchange signaled its intention two weeks ago to remove Aegean stock, Bunker Spot informed.
Announcing its decision, the NYSE noted that, according to Section 802.01D of the Listed Company Manual, it “would normally give consideration to suspending or removing from the list a security of a company when ‘an intent to file under any of the sections of the bankruptcy law has been announced or a filing has been made or liquidation has been authorized and the company is committed to proceed’.”
As the Exchange highlighted, Aegean did have the right to appeal the delisting within 10 business days of receiving notification of the proposed action. “The company did not file such request within the specified period,” said the NYSE.
As previously reported, earlier this week, a New York bankruptcy court approved Aegean’s first day motions in relation to its Chapter 11 filing on November 6.
The court’s decision gives Aegean access to a $532 million debtor-in-possession credit facility funded by Mercuria, including an initial $40 million cash injection to support the company’s day-to-day operations
An Asset Purchase Agreement, including the $681 million stalking horse bid proposed by Mercuria, has also been filed with the U.S. Bankruptcy Court for the Southern District of New York.