https://arab.news/zrmpn
- The Dubai-listed shipper completed the process of restructuring its largest loan with Australis Maritime
DUBAI: Gulf Navigation said it has completed a 200 million dirhams ($54.4 million) debt restructuring and expects to return to profit this year
The Dubai-listed shipper completed the process of restructuring its largest loan with Australis Maritime, it said in a stock exchange filing.
“The cost of debt will be reduced by 25 percent, or the equivalent of 4 million dirhams in savings annually,” it said.
Gulf Navigation said it fully paid all its obligations to Abu Dhabi Commercial Bank and has been negotiating with other lenders to restructure its debts in order to support the company’s financial and operational performance.
It is now working on reaching a deal with the majority of the lenders on new and flexible terms.
It said it had also made a number of changes to its operating model and cut administrative expenses while looking at options to expand and increase its maritime fleet, whether through new acquisitions or mergers.