GP Global Bunkering Operations Put on Hold While Restructuring Talks Continue With Banks

by Jack Jordan, Managing Editor, Ship & Bunker
Tuesday August 11, 2020

The bunkering business of GP Global has been largely paused as the company seeks new backing from its lenders during a restructuring exercise.

Some previously arranged stems are still being carried out, but the company has been advised against taking on new business for now while its balance sheet is under review, a company source told Ship & Bunker Tuesday.

Discussions with banks are under way this week, the source said.

Last week the company announced it had hired Rod Sutton as chief restructuring officer, as well as bringing in UK-based firm Quantuma to assist with its restructuring.

The previous week the company's lawyers released a letter to clients saying it had uncovered a fraud by some of its employees in the UAE, leading to criminal charges against some of them.

GP Global was assessed as one of the world's largest bunker suppliers in a joint report by marine credit company SeaCred and Ship & Bunker last year.