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Gulf Navigation restructuring and VLCC sale approved

Gulf Navigation restructuring and VLCC sale approved
Shareholders have approved the restructuring plans Dubai shipowner Gulf Navigation, including the sale of its two VLCCs.

At an extraordinary general meeting of the company shareholders approved a proposal to sell the company’s two VLCCs Gulf Sheba and Gulf Eyadah and complete the sale at the best available price.  Both VLCCs were arrested in the second half of last year by creditor banks.

Approval was also given to reduce capital by way of writing Gulf Navigation’s accumulated losses of AED1.1bn (300.3m) down to AED551m.

Shareholders also approved a convertible bond issue of up $130m, and a proposal to allow ownership of the company by non-UAE and GCC nationals to up to 49%.  

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