Dubai: Struggling tanker operator Gulf Navigation of Dubai has appointed National Bank of Abu Dhabi to plough ahead with a $140m convertible bond issuance in the coming couple of weeks.
The move follows hot on the heels of the company offloading its two VLCCs to DHT Holdings for $98m. DHT is expected to take delivery of the tanker pair this week.
Gulf Navigation has come close to folding, but shareholders gave it the go ahead to continue as a going concern. The bond issuance and the sales of the VLCCs will wipe much of the company’s debts. [10/02/14]