Market Overview

Aegean Marine Petroleum Network Inc. Files for Chapter 11 to Implement Restructuring Transaction with Mercuria Energy Group Limited


Aegean Marine Petroleum Network Inc. (NYSE:ANW) ("Aegean" or the
"Company") announced today that the Company and certain of its
subsidiaries (the "debtors") filed voluntary petitions for relief under
Chapter 11 of the US Bankruptcy Code in the Bankruptcy Court for the
Southern District of New York. The debtors enter this process with the
support of Mercuria Energy Group Limited ("Mercuria"), a key strategic
partner and one of the world's largest independent energy and commodity
companies. Mercuria has agreed to provide more than $532 million in
postpetition financing to fund the chapter 11 process and the Company's
working capital needs. It has also agreed to serve as the stalking horse
bidder in a sale process designed to optimize the value of the Company
as a going concern. The Company continues to explore value-maximizing

The debtors have filed a motion with the bankruptcy court seeking to
jointly administer all of the debtors' Chapter 11 cases under the
caption In re Aegean Marine Petroleum Network Inc., et al. The
debtors will continue to operate their businesses as
"debtors-in-possession" under the jurisdiction of the bankruptcy court
and in accordance with the applicable provisions of the US Bankruptcy
Code and orders of the bankruptcy court. The debtors have filed a series
of first day motions with the bankruptcy court that seek authorization
to continue to conduct their business in the normal course, including in
relation to employees, customers and suppliers, among others. The
debtors are seeking approval of the Mercuria-led postpetition financing.
This financing is designed to ensure the Company has adequate working
capital to fund the business and continue ordinary course operations
during the Chapter 11 Cases and to fund the sale process.

In connection with its restructuring efforts, Kirkland & Ellis LLP is
acting as legal counsel to Aegean, Moelis & Company LLC is acting as
investment banker to Aegean, and EY Turnaround Management Services LLC
is acting as restructuring advisor to Aegean.

Additional Information

Additional information about the Chapter 11 cases, court filings and
other documents related to the Chapter 11 cases are available on a
website administered by the debtors' claims and noticing agent, Epiq
Corporate Restructuring, LLC, at

About Aegean Marine Petroleum Network Inc.

Aegean Marine Petroleum Network Inc. is an international marine fuel
logistics company that markets and physically supplies refined marine
fuel and lubricants to ships in port and at sea. The Company procures
product from various sources (such as refineries, oil producers, and
traders) and resells it to a diverse group of customers across all major
commercial shipping sectors and leading cruise lines. Currently, Aegean
has a global presence in more than 30 markets and a team of
professionals ready to serve its customers wherever they are around the
globe. For additional information please visit:

Cautionary Statement Regarding Forward-Looking Statements

This release contains "forward-looking" statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Statements that are predictive in nature,
that depend upon or refer to future events or conditions, or that
include words such as "expects," "anticipates," "intends," "plans,"
"believes," "estimates," "will," and similar expressions are
forward-looking statements. These forward-looking statements relate, in
part, to the risks and uncertainties relating to the ability of the
Company to continue as a going concern; the debtors' ability to obtain
approval by the bankruptcy court of the relief requested in the first
day motions, for DIP financing, any sale, and any plan of reorganization
of the Company, among other things; the ability of the debtors to
develop and consummate one or more plans of reorganization with respect
to the Chapter 11 cases; the bankruptcy court's rulings in the Chapter
11 cases and the outcome of the Chapter 11 cases in general; the length
of time the debtors will operate under the Chapter 11 cases; risks
associated with third-party motions in the Chapter 11 cases; the
potential adverse effects of the Chapter 11 cases on the debtors'
liquidity, results of operations or business prospects; the ability to
execute the Company's business and restructuring plan; increased legal
costs related to the Chapter 11 cases and other litigation; the inherent
risks involved in a bankruptcy process; and the other risks and
uncertainties disclosed in the Company's filings with the SEC. Given the
risks and uncertainties inherent in forward-looking statements, you are
cautioned not to place undue reliance on such forward-looking
statements. Forward-looking statements speak only as of the date on
which the statements are made. Aegean undertakes no duty, and expressly
disclaims any obligation, to update these forward-looking statements to
reflect any future events, developments or otherwise.

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