UAE-based oil and bunkering firm GP Global on Monday (20 July) said it has undertaken a financial restructuring exercise to combat the challenges that have arisen due to a global economic meltdown amid the ongoing Covid-19 pandemic.

“While there are several rumours about the financial condition of our group floating around, we would like to reiterate to and assure our partner and stakeholders, that as a highly reputed organisation we are being targeted by vested interests who do not wish to see us succeed and grow higher and higher,” said GP Global in an official release.

The group strongly denies all such rumours and claims it is being made a victim of blatant lies, by spreading of totally false and factually inaccurate information by these vested interests.

“We would also like to inform that while we are constantly seeking finance lines to fund our trade, we were unable to get full support from a few financial institutions recently,” the company added.

“And therefore as a prudent decision, we have undertaken this restructuring exercise which is envisaged to be completed in next few months.”

The company noted it is confident of attracting new investment in its high-value assets, a move that will help tide away from the current tight cash position, which puts it in the same position as many other surviving peers in the global trading industry.

GP Global added that it will continue to execute trades and its bunkering business, both east and west of Suez, is performing well despite the current financial headwinds faced by the industry.

“We will further strengthen this flagship vertical of ours as we tie-up new refinancing lines for the same,” it said. 

“Finally, we would like to thank all our supporters in this industry who have stood steadfast with us in these difficult times and assure them that we value their support and faith in GP Global Group and will always ensure that the trust remains intact.”

Photo credit: GP Global
Published: 21 July, 2020