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
Several developments were undertaken by CPCA-MFC to improve bonded bunkering business, states Deputy General Manager of domestic fuel oil trading at Chimbusco.
Low Sulphur Surcharge no longer relevant with effect from 1 May, 2020 due to current price of VLSFO, states CMA CGM; however charges may still revert at a later date.
Some bunker buyers point out less need to manually clean out vessels' fuel tanks by starting transition early.
According to the notice, all Prosper Marine’s creditors should file their proof of debt with the appointed liquidators who will be administering all affairs of the company.
Xinhua-Baltic International Shipping Centre Development (ISCD) Index reports Singapore maintained its position through geographical advantages and government support.
Dubai-based Lamin Bara and Rali Bara receive promotion on the back of rapid expansion and future company direction.
Fast Energy Sdn Bhd is currently exploring collaboration with a major Malaysian bunker supply firm operating at Port Klang; the operation will be supported by CCK Petroleum upon finalisation.
Veritas Petroleum Services records numerous contaminants such as plastic, fibres, black gum, paraffins, fatty acids, and other component found in the off-spec RMK 700 marine fuel.
Course includes topics on valid and binding transactions; quality or quantity disputes; shipping issues; contract termination; claims; insolvency and others. Registration closes 25 February 2021.
All bunker vessels that have received the necessary clearance for out of port bunkering operations may do so at the stated Tompok Utara coordinates only or risk penalty, according to the MMEA.
The COVID-19 pandemic continues to evolve and MPA is working closely with other agencies to monitor the situation, both globally and in Singapore, the port authority tells Manifold Times.
Caroline Yang, President of SSA, addresses issues earlier raised by players; including PMC No. 04, the seven-day restriction, contactless bunkering, sampling point, hose connection, and more.
