Gulf Navigation looks to end creditor dispute with debt cut
Gulf Navigation said that it has reduced its debt from USD36mn to USD21mn and it hopes to end a long running dispute with creditors by consolidating all of its borrowing. Dubai’s only listed crude shipper expanded ambitiously at the end of the last decade just as oversupply hit the chemical tanker business and transportation rates plummeted. It did not clarify with how many creditors it had reached a settlement with, and did not provide further details or a timeframe over which the debt level fell. (Reuters)
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