Middle East trader FAL Oil is close to securing an agreement to restructure about $700 million of its debt with creditors that will include additional loans to keep its operations going, at least two company sources told Reuters.
FAL Oil, based in the United Arab Emirates (UAE), was up until recently considered to be one of the biggest privately run Middle East trading firms. But it has been struggling to keep its business operations in full swing due to a lack of funds.
Earlier this year it was sanctioned by the United States for its role in supplying gasoline into Iran.
"Banks (creditors) have in principle agreed on the restructuring but it is not yet complete because of the delays
in the execution of certain documents," one company source said.
No comments:
Post a Comment