Dubai: Embattled Gulf Navigation has been given the go ahead by local shareholders to carry on operating as well as taking various measures to fix its debt issues. A write off of around $300m in losses and a convertible bond issue of up to $130m have been agreed upon.
Shareholders also agreed to sell two VLCCs, Gulf Sheba and Gulf Eyadam, highly expensive ships that Gulf Navigation had ordered as the markets crashed. Both ships were arrested in October as creditors sought back payments. [07/01/14]
Gulf Navigation quits VLCC trades