Oil trader GP Global to restructure as lenders scale back | ZAWYA MENA Edition:
GP Global will undergo financial restructuring, the UAE-based oil trader and marine fuel supplier announced on Monday.
"We were unable to get full support from a few financial institutions recently and therefore as a prudent decision, we have undertaken this restructuring exercise which is envisaged to be completed in the next few months," it said.
GP said it continues to execute trades and that its bunkering business "is performing well despite the current financial headwinds".
GP Global said market rumours questioning the company's financial condition were "blatant lies" being spread by "vested interests".
"The group strongly and vehemently denies all such rumours," it said.
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