Finance and InsuranceMiddle EastTankers
Gulf Navigation ends NAT spat
Dubai’s Gulf Navigation Holding has signed a settlement agreement with one of its major creditors, Nordic American Tankers (NAT).
The settlement follows the Middle Eastern company’s recent report of a net profit growth of 172% to AED10.042m ($2.74m) in the first half of 2015 amidst what it described in a release as “intensive efforts to address creditor issues”.
Gulf Navigation, which has skirted with bankruptcy in recent years, will issue NAT with mandatory convertible bonds (MCBs) with a face value of AED37.34m as full and final settlement for claims made by NAT.