Broker Sold You Aegean Marine Petroleum Network or Other Risky High Yield Oil and Gas Investments?
Soreide Law Group is investigating bond sales such as those from Aegean Marine made to clients by stock brokers that were inappropriately risky. Despite the recent announcement the fed will be buying publically traded bond ETF’s it does not mean the underlying companies cannot default on them. Oil and gas companies have sold of lately as the country suffered virtual closure under the Covid-19 pandemic. Many Moody’s B or higher rated bonds from just a few years ago went to negative outlooks and are now Ca rated or bankrupt. These oil companies also use financial leverage that caused their high debt balances they are unable to reduce or to cause them to become worthless. The Aegean Marine Petroleum Network bankruptcy has left clients of stock brokers stunned and they may be eligible to recover losses.
Recently, a bankruptcy judge agreed to allow Mercuria Energy to take over Aegean Marine which will cost those who bought Aegean marine stock and bonds at higher prices. A judge recently said that Aegean Marine will discharge 80% of their debt so if you own that debt you are out of luck unfortunately.
Aegean Marine Bond and Stock Loss Victims Call 888-760-6552 To Start the Recovery Process Now.
Aegean Marine Petroleum Network, Inc. bonds (CUSIP: Y0020QAA9) were sold by stock brokers to unsuspecting clients. They did so with the promise of high yield and safety. However, many investors were stuck with an overconcentration of these types of risky oil and gas bonds that went into bankruptcy or were unable to pay the coupons. If your broker or financial advisor recommended this risky stock or bond and other risky investments please call us today at 1-888-760-6552.