The Gujarat High Court in India on Wednesday (9 September) ordered for a tanker owned by UAE-based oil and bunkering firm GP Global to be detained following a petition from the company’s creditor over a loan default, reported Reuters.
A court document had requested for Pipavav Port authorities to detain GP Global’s tanker GP B3 until the outstanding amount of USD 2 million was settled with UAE creditor National Bank of Fujairah (NBF).
The firm is one of the largest bunker fuel suppliers in the Middle East bunkering hub of Fujairah and has been forced into the restructuring after it failed to win backing from some of its lenders following internal fraud investigations, leaving it short of cash.
NBF allegedly told the court that GP Global had taken a loan of USD 11.05 million in 2015 and mortgaged GP B3 as well as two other tankers, the GB B2 and GP Asphalt III.
Since then, the bank has received payments on the loan, but defaults took place last month and the bank is now looking to recover the balance of the loan.
GP Global had previously stated that it will rule out sales of its assets as a means to stay afloat, but would rather make redundancies on lesser performing areas of its business.
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: Marine Traffic / mgklinngsick_aol_com
Published: 15 September, 2020
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