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Aegean's stock nearly triples after financing pact, potential strategic partnership announced

Shares of Aegean Marine Petroleum Network Inc. ANW, +Zero.00% rocketed 175% on heavy volume in premarket industry Thursday, to bounce sharply off the former session's document low, after the marine gas logistics corporate said it reached an settlement on a $1 billion refinancing and a possible strategic partnership. Volume crowned 2.2 million shares forward of the open. The corporate said it has entered right into a memorandum of working out with Mercuria Energy Group Ltd., wherein Mercuria intends to supply a $1 billion industry monetary facility to strengthen Aegean's revolving credit score amenities. Once the facility is closed, Aegean will factor new shares equivalent to 30% of its common inventory to Mercuria and invite a Mercuria consultant to its board of administrators. The settlement may also lead to a strategic partnership, including operational services and products, trading and hedging arrangements. On Tuesday, the inventory had closed at a document low of 63 cents, a couple of month after the company said it would have to write off about $200 million worth of accounts receivables owed to the company as a result of an accounting review discovered that the receivables can have been "without economic substance and improperly accounted for." The inventory had plunged 85% year so far thru Tuesday, while the S&P 500 SPX, -Zero.49% had won 1.five%.