Little Progress on GP Global Asset Sale Talks

by Ship & Bunker News Team
Friday November 27, 2020

Little progress has been made in the process of GP Global selling off assets in its restructuring process as the company resists pressure to cut prices, according to price reporting agency Argus Media.

The firm is working closely with Rod Sutton of FRI Consulting "on making things happen that would be most appropriate for all statekolders," Argus cited Abhishek Shah, M&A lead at GP, as saying Thursday.

Sutton was appointed GP Global's chief restructuring officer earlier this year. The company announced a restructuring in July shortly before saying it had uncovered fraud by some of its employees in the UAE, but little further detail has since emerged.

Commodity trading company Mercuria, storage operator Vopak and investment companies Brookfield and Prostar Capital are likely to have expressed interest in buying some of GP Global's assets, Argus said.

GP Global's bunker business remains at a standstill as the restructuring process continues. Several staff have left the company.