Dubai: The latest interim results from struggling Dubai-listed Gulf Navigation Holdings suggest the company is standing right on the edge of the financial abyss. The company made an $8m loss in the first six months, adding to its already sizeable debts. It has failed to pay back its most recent loan instalment of $1.83m. If the line cannot agree with its creditors to delay loan repayments then it will be forced to sell off vessels.
“As a result, there exists a material uncertainty which may cast significant doubt on the ability of the group to continue as going concern,” the company said in a release, before adding that an agreement with its lenders was expected to be reached before the end of the year. [16/08/13]