Bidders line up for UAE-based Stanford Marine Group - sources | Reuters:
Gulf Navigation Holding, Tristar Group, Hineni Capital and BT Investment are among bidders for Dubai-based marine services firm Stanford Marine Group (SMG), sources familiar with the matter said. Banks now control SMG, which operates offshore supply vessels for the oil and gas industry, after it struggled to meet terms of its debt obligations following a steep fall in chartering rates.
Neither SMG nor the bidders named by the sources responded to requests for comment.
SMG is 51 percent owned by a fund managed by Dubai-based private equity firm Abraaj, which is in provisional liquidation after a row with investors over the use of their money in a $1 billion healthcare fund. Abraaj denies any wrongdoing.
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