Image credit: GP Global

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Bunker seller GP Global Group has announced that it has undertaken a financial restructuring exercise in an effort to combat the effects of the global economic slump, triggered by the Covid-19 pandemic.

The UAE-headquartered firm explained that while it is constantly seeking financing to fund its operation, it has recently been unable to get the "full support" of some financial institutions.

As a result, the company has decided to undertake a restructuring exercise which is envisaged to be completed within a few months.

Commenting on the process, GP Global said: "The group is confident of attracting new investment in our top class, state of the art [sic] and high-value assets, a move that will help us tide away from the current tight cash position, which puts us in the same position as many other surviving peers in the global trading industry."

Bunker business

In terms of day-to-day business, Sharjah-based GP Global noted that it is continuing to execute trades and that its bunkering operation - both east and west of Suez - is "performing well" despite the current financial headwinds faced by the industry.

The company also stressed that its Fujairah and Hamriyah terminals were operating as normal. "They have not been sealed," it remarked in a tweet.

Only last month, GP Global announced a raft of new bunker trader appointments, with Maleek Mostapha and Neethu Varghese joining the UAE office, and Sascha Khan Lulla and Travis Tey hired in Singapore.

And this week, the company is confident that it will continue to strengthen as it ties up new refinancing lines.

Defence against 'vested interests'

Defending its position in the face of industry remarks about its finances, GP Global said: "While there are several rumours about the financial condition of our group floating around, we would like to reiterate to and assure our partner[s] and stakeholders, that as a highly reputed organisation we are being targeted by vested interests who do not wish to see us succeed and grow higher and higher.

"The group strongly and vehemently denies all such rumours and is being made a victim of blatant lies, by spreading of totally false and factually inaccurate information by these vested interests."