Middle East traderN FAL Oil, in talks with creditors on $700 million in debt, is on the cusp of hiring a chief restructuring officer to keep the faltering discussions on track, sources familiar with the matter said on Sunday.
United Arab Emirates-based FAL, once one of the biggest regional fuel oil traders, has been forced to cut its fuel oil and bunkering operations in the UAE by as much as 60 percent and shut its trading operations in Singapore and London.
"FAL is in the process of hiring a CRO, which could be finalized in a week's time," said a source close to the matter, speaking on condition of anonymity.
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