FAL Oil Co., a United Arab Emirates- based energy trader that’s under U.S. financial restrictions for links to Iran, suspended debt restructuring talks with lenders on Dec. 10, a company official said.
The trader of marine fuel and other refined products is working on a business plan that would allow it to resume talks with lenders later this month, said the official who is involved in the financing process and asked not to be identified by name because of company policy.
FAL Oil, based in the U.A.E. emirate of Sharjah, is seeking to revive fuel supply agreements with regional state refiners to show lenders it would be able to generate income and allow it to reach a debt repayment agreement, the official said. Companies that FAL is approaching include refiners in Sri Lanka, India and Bangladesh as well as in the Horn of Africa, the official said.
U.A.E. Trader FAL Oil Suspends Debt Talks With Lenders - Bloomberg
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