The restructuring adviser for UAE-based oil and bunkering firm GP Global has flagged up “accounting irregularities” within the company’s books, reports Bloomberg.
FTI Consulting has allegedly cautioned the group’s creditors that they could realistically forecast a recovery rate of between 0% to 27.5% of their exposure. Creditors reportedly have more than $1 billion in exposure to GP Global.
The advisors also recommended an overhaul and asset sales rather than liquidation as liquidation “would likely result in a nil return to creditors.”
This is due to trade finance irregularities discovered during investigations that make it unlikely that any institution would come to the company’s rescue, it FTI.
GP Global has allegedly received at least 15 expressions of interest in its endeavor to sell its terminal and refinery, and final bids are expected to come in by the end of October.
The owners of GP Global, the Goel family purportedly intend to contribute $65 million to be paid out over three years as part of the restructuring efforts.
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
Photo credit: Stevepb
Published: 19 October, 2020
On 5th June 2021, VPS carried out a Remaining On Board (R.O.B.) survey on board a Singapore-registered bunker tanker at short notice by the Charterer and quickly identified the theft of 98 metric tons of bunker fuel.
The Bunkerchain Pte Ltd and Helmsman LLC sponsored event will be moderated by Gabian Chew, Senior Editor of Singapore bunkering publication Manifold Times.
No quarantine required if vessels have not called at Brazil, India, Nepal, Pakistan, the Philippines and South Africa during the 21 days prior to arrival at Hong Kong port, according to Marine Department notice.
CCIC discuss the progression of MFM technology for bunkering at Singapore port with Manifold Times; and possible development of a primary facility for MFM calibration.
‘The acquisition of PGI Industries will enhance VPS’ preventative maintenance services offered to the power sector, increasing protection and sustainability of the asset,’ says Malcolm Cooper, CEO, VPS.
A foreign vessel was involved in an alleged unauthorised STS incident with bunker tanker Pearl Melody on 5 June, Director and General Manager of Consort Bunkers tells Manifold Times.
14 Jun 2021