[ad_1]
DUBAI (Reuters) – A consortium led by UAE finance firm SHUAA Capital has purchased Dh1.13 billion ($ 308 million) of debt held by Stanford Marine Group (SMG) as part of its restructuring, the companies.
Dubai-based shipping services company SMG has struggled since the oil price collapse in 2015, which led to a dramatic drop in charter rates and projects drying up.
“Since 2019, SHUAA Capital has been working with the SMG loan syndicate and its advisors to reach a buyout agreement that meets the goals of all parties. The restructuring strengthens SMG’s liquidity position, ”SHUAA and SMG said in a joint statement.
The plan has helped save more than 1,800 jobs and annual exports of nearly $ 20 million in ships, the companies said, adding that the debt buyback helped banks get out of a troubled debt situation. through cash recovery.
“SHUAA Capital has successfully completed a complex restructuring program giving the company new life,” said Elias Nassif, Managing Director of SMG.
The company’s debt problems stemmed from a 2015 $ 325 million Islamic loan from a group of banks, including Noor Bank – which has since been acquired by Dubai Islamic Bank – Barwa Bank, Ajman Bank, United Arab Bank, Qatar Islamic Bank and First Gulf Bank – is now part of First Abu Dhabi Bank.
(1 USD = 3.6728 UAE dirham)
Reporting by Davide Barbuscia; Edited by Elaine Hardcastle
Source link
