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GP Global APAC files for six-month debt moratorium with Singapore High Court

19 Feb 2021

Singapore-based oil trading company GP Global APAC Pte Ltd has applied to the Singapore High Court for a six-month debt moratorium while its parent company, GP Global continues seeking for ways to restructure about USD 1 billion in debt, reports Reuters.

In July last year, GP Global was forced into the restructuring through the sale of assets after following internal fraud investigations, causing the company to fail at winning support from some of its lenders, leaving it short of cash.

As evaluations in the asset sale dragged out and oil prices crashed due to the pandemic, GP APAC purportedly missed some loan repayments in recent months.

GP APAC reportedly owes about USD 464 million to its top 20 unsecured creditors among which includes Credit Suisse (Switzerland) Ltd (USD 91 million) and UBS Switzerland AG (USD 70.4 million).

According to GP APAC’s Chief Restructuring Officer, several fraudulent and fictitious trades left the company saddled with bad debt to the tune of more than USD 1.2 billion in bank loans and trade payables as well as a USD 1 billion provision for bad debts.

A list of earlier coverage regarding GP Global can be found below:

Related: Argus Media: GP Global asset sale talks drag on valuation gap
Related: Singapore: ExxonMobil Asia Pacific takes GP Global APAC to court over USD 2.8 million bunker claim
Related: Restructuring advisor flags up ‘accounting irregularities’ in GP Global books
Related: Gulf Petrol Supplies files complaint against GP Global unit for fraudulent behavior
Related: Second arrest warrant issued for GP Global’s ‘GP B3’ over outstanding bills from creditors
Related: GP Global considering sale of assets in an effort to repay creditors
Related: GP Global tanker ‘GP B3’ detained in India due to loan defaults with creditors
Related: Argus Media: GP Global clarifies that it has shut only lesser performing trading desks
Related: Argus Media: GP Global rules out asset sales in restructuring
Related: GP Global engages restructuring specialists following credit pull and internal fraud
Related: GP Global internal investigations reveal Sharjah and Fujairah staff involved with fraud
Related: GP Global repudiates rumours and proceeds with restructuring as strategic move

Photo credit: Manifold Times
Published: 19 February, 2021

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