Paul Slater returns to Qorval, vows to shake up shipping restructuring
Renowned ship finance expert Paul Slater is returning to restructuring firm Qorval. The company has formed Qorval Marine, which Slater will lead, while still keeping on his own firm, First International Corp.
Slater, a regular contributor to this site, worked at Qorval from 2004 to 2010.
On his appointment, Slater said most shipping restructurings at the moment were inadequate – merely “shuffling of the deck chairs”.
“What we’re seeing in the name of restructuring is simply shuffling the deck chairs of a sinking ship. What is needed is comprehensive reorganisation,” Slater said.
Qorval founder and senior managing partner James Malone stated: “With Paul Slater’s reputation and experience, as well as Qorval’s expertise, forming a division devoted to answering the needs of the maritime industry was a natural step. We intend to play a key role in the major changes expected in the maritime industry going forward.”
Fully agree on Paul Slater’s comment re ‘shuffling the deck chairs’. A lot of things made under the buzzword ‘restructuring’ in the years since 2008 did not involve any restructuring at the financial nor corporate level in shipping. It was just waiving the problems.