GP Global hires financial restructuring experts after lenders pull back - Reuters

GP Global hires financial restructuring experts after lenders pull back - Reuters:

GP Global, an oil trader based in the United Arab Emirates (UAE) enmeshed in an employee fraud investigation, has appointed restructuring experts as part of its “ongoing restructuring exercise”, the company said in a statement on Wednesday.

GP Global said it hired FTI Consulting’s Rod Sutton as its chief restructuring officer and hired UK-based financial restructuring specialist firm Quantuma.

Sutton and Quantuma will engage with the company’s stakeholders “to protect the commercial interests” of the group and will help transform it into a “strong, financially prudent” business “with enhanced transparency”, the statement said.

On July 20, GP Global said that it had undertaken a financial restructuring exercise after it failed to “get full support from a few financial institutions recently.”