Aegean Marine Petroleum Network Inc (fka ANWWQ)

[nodummy]

It clearly says that common equity holders will have their stock cancelled. You are reading that ALL wrong.

https://www.businesswire.com/news/home/20190116005350/en/Aegean-Marine-Petroleum-Network-Achieves-Significant-Milestones

Under the terms of the Court-approved RSA, Mercuria will receive 100% of the common equity of the reorganized Company. Mercuria will also fund $40 million in cash on account of general unsecured creditor recoveries at the Company and backstop a $15 million loan to a trust to fund litigation (the “Litigation Loan Trust”).

General unsecured creditors at the parent will receive 100% of the initial proceeds from litigation claims (after repayment of the Litigation Trust Loan plus $3 million), until they receive payment in full on account of their allowed claims. General unsecured creditors at the subsidiaries will receive full recoveries in the normal course, under the agreement. Holders of the Company’s pre-prepetition common equity will receive 100% of the residual interests in the litigation claims once general unsecured creditors at the parent have received payment in full. Pursuant to reasonable and achievable milestones, the Company will implement its restructuring plan, and expects to emerge from Chapter 11 around the end of the first quarter of 2019.

Stock = Equity

According to the article Mercuria will receive 100% of the common equity of the reorganized Company

100% to Mercuria = 0% equity to everybody else.

Translation = current commons will be cancelled and 100% of the new commons will go to Mercuria.

Mercuria is getting that 100% in the reorganized company in exchange for $40 million to help make the unsecured creditors whole.

Then if you continue reading it says that the proceeds (which is $$$ not equity) will go to unsecured creditors of the parent company first. Then whatever is left over from there will go to the unsecured creditors of the subsidiary companies. THEN whatever $$$ (not equity) is left over from there (which is pretty much guaranteed to be $0) will go to the holders of the pre-prepetition common equity (stock) holders.