Leading Bunker Supplier Aegean Marine Files Chapter 11 Bankruptcy Amid Fraud Probe

Bunker supplier Aegean Marine Petroleum Network announced Tuesday that it and certain of its subsidiaries have filed for Chapter 11 bankruptcy in the U.S. Southern District of New York. The announcement comes just days after the company said that an internal audit has revealed $300 million in cash and other company assets had been misappropriated through fraudulent … [Read more...]

Shares of Leading Bunker Supplier Aegean Petroleum Crushed After Company Reveals $200 Million Write-Off

Shares of NYSE-listed leading international bunker fuel supplier Aegean Marine Petroleum Network crashed more than 75% Tuesday after the company revealed it will likely have to write off $200 million in bad transactions.  The Greek marine fuel logistics company gave the bad news in a statement issued late Monday in which it revealed the preliminary results of a … [Read more...]