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Aegean Marine creditors move to block ‘loan-to-own’ strategy

An ad hoc group of Aegean Marine bondholders filed an objection to the company’s debtors’ financing plan in New York yesterday. They allege Mercuria has engaged in an ‘aggressive loan-to-own strategy’ over the past four months, which would be moved forward by the relief requested

The group of creditors calls for an extensive investigation into Mercuria’s ‘undue control’ and ‘bad faith conduct’, which they say prevented the negotiation of a restructuring plan with Aegean’s debtors

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