Bunker vendor Aegean Marine Petroleum Network revealed Tuesday that it and also specific of its subsidiaries have actually applied for Chapter 11 insolvency in the united state Southern District of New York.

The statement comes simply days after the firm claimed that an inner audit has actually disclosed $300 million in money and also various other firm properties had actually been misused via deceptive tasks by presumed previous associates of the firm.

NYSE-listed Aegean Marine Petroleum Network is a prominent worldwide aquatic gas logistics firm that markets and also literally materials fine-tuned aquatic gas and also lubricating substances to ships all over the world via its big fleet bunkering vessels.

Back in June, Aegean Marine’s supply cost collapsed greater than 75% after divulging that it would likely need to write-off an approximated $200 million in poor deals uncovered throughout an inner evaluation of its yearly monetary declarations for 2017. About a week later on, it was struck with a course activity suit from capitalists.

Aegean today claimed it submitted Chapter 11 with assistance from Mercuria Energy Group, which has actually accepted offer greater than $532 million in post-petition funding to money the phase 11 procedure in addition to the functioning funding demands of the firm. Mercuria has actually likewise accepted work as the tracking equine prospective buyer in a sale procedure created to maximize the worth of Aegean as a going issue.

Debtors in the event have actually submitted a collection of initial day activities with the insolvency court looking for consent to remain to regular service, consisting of in connection with workers, consumers and also providers.

Last Friday, Aegean Marine revealed the outcomes an independent Audit Committee examination right into the claimed misdeeds disclosed previously this year. The examination identified that as much as US$ 300 numerous firm money and also various other properties were misused via deceptive tasks by Fujairah- based Oil Storage Tank Engineering & & Consulting.

Aegean and also Oil Storage tank participated in an agreement in 2010 on the building and construction of the Fujairah Oil Terminal Facility in the UAE, nevertheless, the Audit Committee thinks that Oil Storage tank was merely a covering firm utilized to channel firm cash via filled with air agreements and also deceptive prices.

“These transactions lacked economic substance as the relevant counterparties were shell companies with no material assets or operations and were owned or controlled by former employees or affiliates of the Company,” Aegean claimed in declaration on Friday.

“The Audit Committee believes that the receivables were improperly recorded as part of a scheme to facilitate and conceal an extensive misappropriation of Company assets channeled to OilTank, but accounted for as transactions with these shell companies,” the declaration included.

In 2014, Denmark’s OW Bunker, which at the time the globe’s leading vendor of aquatic gas oil, applied for insolvency simply days after it divulged an $125 million shelter fraudulence rumor including several of its elderly workers. The rumor required the firm closed and also sent out shockwaves via the worldwide delivery sector.