UAE's GEM working with Perella Weinberg Partners on debt restructuring - sources | Reuters:
Gulf Energy Maritime (GEM) is working with Perella Weinberg Partners to try to restructure its roughly $350 million in debt as it seeks to stave off a default, sources familiar with the matter said.
The Dubai-based product and chemical tanker company, which counts Emirates National Oil Company (ENOC), Mubadala Investment Co and Oman Oil Co as its three main shareholders, has been asking its creditor banks to amend and extend its debt, the sources said.
GEM, which has struggled with depressed demand in the tanker market, is currently in technical default as the estimated $270 million value of its assets, in the form of its fleet, has dipped below that of its debt, two of the sources said.
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