Dubai – Mubasher: Gulf Navigation Holding (GNH) has completed the restructuring process of its largest loan valued at over AED 200 million with Australis Maritime Limited.
The value of the debt has been rescheduled to decrease by 25% or AED 4 million in savings annually, according to a press release on Wednesday.
The company also paid all its obligations to Abu Dhabi Commercial Bank (ADCB), which results in cutting the overall debt, while re-negotiating with the other lenders to restructure its debts and support its financial and operational performance.
In the meantime, the company has made major changes to decrease administrative expenses to strengthen growth and sustainability.
Gulf Navigation is expected to turn into profitability in 2021 because of the measures taken by the board, including the efforts to stabilise the performance of ships and charter them to reliable customers on a long-term basis.
