Mounting debt threatens to sink Gulf Navigation | The National:
"Gulf Navigation is still in danger of folding because of mounting debt, despite posting an increase in second-quarter net profit and revenue.
The Dubai-based shipping company’s liabilities reached Dh641.8 million at the end of June and “was in breach of specified covenants with its lenders”, the company said.
Such conditions “indicate the existence of a material uncertainty, which may cast significant doubt about the ability of the group to continue as a going concern”, the report stated."
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