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Dubai’s Gulf Navigation refinances its biggest loan Gulf Navigation Holding PJSC (“GULFNAV”) the Dubai Financial Market listed maritime and shipping company, announced completing the process of restructuring its largest loan with Australis Maritime Limited, under new and flexible terms. The value of the debt, which amounts to more than 200 million dirhams, has been rescheduled so that the cost of debt will be reduced by 25%, or the equivalent of 4 million dirhams, in savings, annually. The company also stated that it has fully paid all its obligations to Abu Dhabi Commercial Bank, thus reducing the company’s overall debt. The company has been keen on ensuring the continuity of all operations and re-negotiating with the rest of the lenders to restructure its debts in order to support the company’s financial and operational performance. The company is currently working on reaching an agreement with the majority of the lenders on new and flexible terms that will all ....
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. ....