The Singapore High Court has approved oil trader GP Global APAC’s application for a six-month debt moratorium so the company can restructure without creditors being able to take independent action, reports The Straits Times.
GP Global ran into financial difficulties in 2020, brought on by pandemic-related economic lockdowns and internal fraudulent trades which purportedly left the company saddled with bad debt to the tune of more than USD 1.2 billion in bank loans.
The Singapore unit reportedly owes USD 460 million to 20 unsecured lenders, the three largest of which are UBS (USD 70.4 million), Credit Suisse (USD 91 million) and UniCredit.
The company applied for the moratorium when a minority creditor who is owed around USD 670,000 in claims, obtained a court ruling allowing it to seize GP Global APAC’s Singapore office which is worth eight times that amount if sold as part of the restructuring process.
As reported by Manifold Times, the said creditor and GP Global APAC will be meeting at the Singapore High Court on Tuesday, 9 March to discuss the seizure and sale of the latter’s Singapore office for the repayment of its debts.
A list of earlier coverage regarding GP Global can be found below:
Related: Singapore: Sale of GP Global APAC’s SGD 8.5 million Suntec office to be discussed at upcoming court hearing
Related: GP Global APAC acts to prevent minority creditors ‘stealing a march’ over others
Related: GP Global APAC files for six-month debt moratorium with Singapore High Court
Related: Argus Media: GP Global asset sale talks drag on valuation gap
Related: 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: 8 March, 2021
Legal representatives met at the High Court on Tuesday to discuss the discharge of KPMG liquidators from all liability in respect of conduct in the course of winding up, show court documents.
Global sentence adjusts to 80 month’s imprisonment term for both Chang and Koh under application of the Masui sentencing framework; fine of SGD 6.2 million against Chang remains unchanged.
Company has been ranked EIGHTH for 2020; ‘we are humbled and proud to be placed amongst the top ten winners of the Enterprise 50 Awards,’ says Satnam Singh, COO, Sing Fuels.
Mads Bjornebye, Manager of Bunker Services at Teekay Tankers Ltd, shares about the company’s perspective of e-BDNs, bunker purchasing & planning tools, while offering his thoughts on future marine fuels.
Maritime sector may find it increasingly challenging to manage bunker prices, Dennis Ho, Managing Director at ElbOil Singapore tells Singapore bunkering publication Manifold Times.
NBF mulls use of blockchain-based registry of trade finance transactions as secure central database for the banking industry to streamline documentation processes and resolve transparency issues.