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UNITED STATES BANKRUPTCY COURT 

SOUTHERN DISTRICT OF FLORIDA 

WEST PALM BEACH DIVISION 

In re: 

HELLENIC PETROLEUM, LLC, Case No. 21-12317-EPK 

 Alleged Debtor. Chapter 7 

________________________________/ 

EXPEDITED MOTION TO OBTAIN POST-PETITION FUNDING 

*** Expedited Hearing Requested *** 

Hellenic requires an immediate infusion of capital in order to 

preserve its business as a going concern. In light of this 

dynamic, Hellenic respectfully requests that this matter be 

scheduled for hearing on or before June 30, 2021. 

 Alleged Debtor, Hellenic Petroleum, LLC ("Hellenic") files this Expedited Motion to 

Obtain Post-Petition Funding (the “DIP Motion”). In support, Hellenic states as follows: 

BACKGROUND

1. On March 10, 2021 (the “Petition Date”), Pro Petroleum, LLC filed an involuntary 

petition against Hellenic under chapter 7 of the Bankruptcy Code. Hellenic is contesting the 

petition and an order for relief has not been entered. 

2. Hellenic is a Florida limited liability company engaged in the fuel industry. Its 

business practices include: (a) buying and selling fuel, whether diesel, renewable or biodiesel 

marine, (b) storing and transporting fuel, and (c) delivering fuel to truck stops and gas stations. 

3. The Debtor’s principal is an individual named Panagiotis “Pete” Kechagias (“Mr. 

Kechagias”). 

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4. Hellenic’s principal, Mr. Kechagias, has agreed to finance a cash infusion necessary 

to stabilize Hellenic’s business, improve its financial performance, and preserve its going concern 

value. 

5. Specifically, Mr. Kechagias agrees to provide Hellenic with an unsecured loan in 

the amount of $500,000.00, with interest fixed at the current prime rate of 3.25% per annum, which 

shall mature and become due in full upon the earlier of one year following entry of an order 

authorizing Hellenic to obtain the Loan on a final basis (the “Loan”). The Loan shall be allowed 

asn an administrative expense against Hellenic’s estate under section 503(b)(1) of the Bankruptcy 

Code. The Loan shall not be secured by a lien on any of Hellenic’s assets. Nor shall the Loan be 

entitled to super-priority over other administrative claims, if any. 

6. Pursuant to section 364(b) of the Bankruptcy Code, upon notice and a hearing, the 

Court may authorize Hellenic to obtain unsecured credit or to incur unsecured credit other than in 

the ordinary course of business with such credit allowable as an administrative expense under 

section 503(b)(1) of the Bankruptcy Code. “The standards for authorizing a [debtor in possession] 

to incur debt under section 364(b) so that it is allowable as an expense of administration under 

section 503(b)(1) are found in the latter section. Other than certain taxes and tax-related debt . . . 

only the ‘actual, necessary costs and expenses of preserving the estate’ are allowable as 

administrative expenses. An order granting pursuant to section 364(b) must be supported by such 

a finding.” In re Club Dev. & Mgmt. Corp., 27 B.R. 610, 611-12 (9th Cir. B.A.P. 1982) (citations 

omitted). Provided that an agreement to obtain credit does not run afoul of the provisions of, and 

policies underlying, the Bankruptcy Code, courts grant a debtor considerable deference in acting 

in accordance with its reasonable business judgment. See In re YL W. 87th Holdings I LLC, 423 

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B.R. 421, 441 (Bankr. S.D.N.Y. 2010) (“Courts have generally deferred to a debtor’s business 

judgment in granting section 364 financing.”). 

7. As explained during prior hearings in this case, Hellenic requires an immediate cash 

infusion in order to purchase fuel as suppliers are not prepared presently to do business with 

Hellenic on credit. Hellenic submits that obtaining the Loan is a reasonable exercise of its business 

judgment and is an actual, necessary cost of preserving the bankruptcy estate. The cash infusion 

will permit Hellenic to purchase fuel for resale and stabilize Hellenic’s business, improve its 

financial performance, and preserve its going concern value. Accordingly, Hellenic’s ability to 

obtain the Loan is necessary to Hellenic’s immediate business operations and to avoid immediate 

and irreparable harm to its estate. 

INTERIM RELIEF 

8. Fed. R. Bankr. P. 4001(c)(2) requires 14-days’ notice of a final hearing to consider 

all requests to obtain credit. Hellenic respectfully requests that the Court consider approval of the 

Loan on an interim basis pending a final hearing thereon. 

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CONCLUSION 

WHEREFORE, Hellenic respectfully requests that the Court enter an Order: (i) authorizing 

Hellenic to obtain post-petition funding from Hellenic’s principal, Mr. Kechagias, pursuant to the 

terms of the Loan; (ii) authorizing the Loan to be an unsecured administrative expense under 

section 503(b)(1) of the Bankruptcy Code; and (iii) granting Hellenic such further relief as the 

Court deems appropriate and just. 

Respectfully Submitted, 

SHRAIBERG, LANDAU & PAGE, P.A. 

Proposed Attorneys for Hellenic 

2385 NW Executive Center Drive, Suite 300 

Boca Raton, Florida 33431 

Telephone: 561-443-0800 

Facsimile: 561-998-0047 

Email: bss@slp.law 

By: /s/ Bradley S. Shraiberg 

 Bradley S. Shraiberg 

 Florida Bar No. 121622 

ATTORNEY CERTIFICATION 

I HEREBY CERTIFY that I am admitted to the Bar of the United States District Court 

for the Southern District of Florida and I am in compliance with the additional qualifications to 

practice in this Court set forth in Local Rule 2090-1(A). 

CERTIFICATE OF SERVICE

I HEREBY CERTIFY that a true and correct copy of the foregoing was furnished via 

Notice of Electronic Filing by CM/ECF to all parties registered to receive such service on June 23, 

2021. 

By: /s/ Bradley S. Shraiberg 

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