UAE's SHUAA Capital buys out Stanford Marine's debt as part of restructuring | Reuters
A consortium led by United Arab Emirates financial firm SHUAA Capital has bought 1.13 billion dirhams ($308 million) of debt held by Stanford Marine Group (SMG) as part of its restructuring, the companies said on Sunday.
Dubai-based marine services firm SMG has struggled since the collapse in oil prices in 2015, which led to a dramatic fall in chartering rates and a drying up of projects.
“Since 2019, SHUAA Capital has been working with SMG’s lending syndicate and their advisors to arrive at a buyout deal that met all parties’ objectives. The restructuring strengthens SMG’s liquidity position,” SHUAA and SMG said in a joint statement.
The plan has helped save more than 1,800 jobs and annual exports of close to $20 million worth of vessels, the companies said, adding that the debt buyout has supported banks in exiting a distressed debt situation with a cash recovery.
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