UAE's Stanford Marine creditors in talks about sale of business -sources | Reuters:
Creditors of Stanford Marine Group (SMG), which has links to troubled private equity firm Abraaj, are in talks with three potential buyers, sources familiar with the matter say.
Banks are overseeing control of Dubai-based SMG after it failed to meet the terms of its debt obligations due to financial stress linked to a steep fall in chartering rates, the sources said.
SMG, which operates offshore supply vessels that service the oil and gas industry, is 51 percent owned by a fund managed by Abraaj. Dubai-based Abraaj filed for provisional liquidation in June after a row with investors over the use of their money in a $1 billion healthcare fund. Abraaj denies any wrongdoing.
No comments:
Post a Comment