Oil & Gas
THE GP Global Group, a diversified commodity to lubricants conglomerate, has undertaken a financial restructuring exercise to combat the challenges that have arisen due to a global economic meltdown amid the ongoing C-19 pandemic.
While there are several rumours about the financial condition of our group floating around, GP Global Group said in a statement made available to Realnews, reiterated and assures its partner 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.”
According to the statement, “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.
“We would also like to inform that while we are constantly seeking finance lines to fund our trade, 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 next few months.
“The group is confident of attracting new investment in our top-class, state of the art 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.”
It stated: “Business-wise, we continue to execute trades and our bunkering business, both east and west of Suez, is performing well despite the current financial headwinds faced by the industry. We will further strengthen this flagship vertical of ours as we tie-up new refinancing lines for the same.
“Finally, we would like to thank all our supporters in this industry who have stood steadfast with us in these difficult times and assure them that we value their support and faith in GP Global Group and will always ensure that the trust remains intact.”
– Jul. 20, 2020 @ 14:05 GMT |
Tags: COVID-19: GP Global undertakes financial restructuring
