UAE's Stanford Marine in talks to restructure $325mln in debt- sources | ZAWYA MENA Edition:
"Stanford Marine Group, majority owned by a fund managed by private equity firm Abraaj Group, is in talks with banks to restructure a $325 million Islamic loan, banking sources said.
The Dubai-based oil and gas services firm, which has struggled as a result of a downturn in the hydrocarbons market, has asked banks to consider extending the maturity of its debt and restructuring repayments, the sources said.
Although the company, which operates a fleet of offshore supply vessels that service the oil and gas industry, has not missed any repayments, one of the sources said it had breached certain covenants, without elaborating."
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