Aegean Marine Petroleum Network Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on November 9, 2018. The debtor seeks the Court’s approval for the sale of its substantially all its assets to Mercuria Asset Holdings (Hong Kong) Limited, the stalking horse bidder, for a purchase price of $681 million consist of Global Borrowing Base and the DIP facility equal to $459 million, an amount of cash equal to $15 million and assumption of the assumed liabilities, representing an estimated value of at least $207 million, in pursuant to the asset purchase agreement. To qualify as a qualified bidder, interested parties should submit their bids by February 11, 2019, along with good-faith deposit in the amount of 10% of the bid price. The initial minimum overbid should be at least $5 million more than the initial purchase price. The debtor has scheduled an auction on February 18, 2019. At the auction, the subsequent bids would be in increments of $5 million. The stalking horse bidder would be entitled to a break-up fee of $19 million and expense reimbursement of $0.01 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for February 22, 2019.