UAE company Shuaa Capital has completed a deal to purchase a facility worth AED 1.13 billion for the Stanford Marine Group through a consortium led by Shuaa Capital.
According to Arabianet, Shuaa Capital said in a statement that the deal has benefited all parties involved, including the creditor banks of the Stanford Marine Group.
The Stanford Marine Group is one of the leading marine services companies in the Middle East region. It also provides the most diversified services including the rental, construction and repair of marine support vessels for the oil and gas sector. .
since 2019, SHUAA Capital has worked with the Stanford Marine Group lenders and their advisors to hammer out a purchase that serves the interests of all stakeholders.
According to the statement, this restructuring process is contributing to boosting Stanford Marine's liquidity, and following the debt purchase deal, the Stanford Marine Group became eligible for growth, as did the restructuring deal. In maintaining more than 1,800 jobs, and recording annual exports of Emirati-made products valued at nearly US $ 20 million, vessels were built at Grandwild’s modern shipyard facility within Dubai Maritime City.
and CEO of Shuaa Capital, Jassem Al-Siddiqi, said: Despite the general closure due to the Covid-19 pandemic over the past year, we have continued our discussions with the lenders of the Stanford Marine Group, and we have worked. Striving to find a workable solution that takes into account the needs of the various coalition members and brings the best possible benefit to all parties involved, and we are proud of the results of the deal; From supporting creditor banks to recover their financial dues, through preserving the work of more than 1,800 employees and sailors and protecting their source of livelihood, and ending with ensuring the continuity of Stanford Marine's business and its contribution to the local economy.
and my friend continued: There is no doubt that this deal is one of the few recent restructuring deals that has succeeded in meeting the needs of all stakeholders. We hope that it will constitute an incentive and a model for more deals from This type.
For his part, Marine Elias Nassif, CEO of Stanford Group, said: “Shuaa Capital has successfully implemented a complex restructuring program that helped give us a fresh start. We are excited to embark on the path of future growth led by a world-class management team and with the strong support of our employees and shareholders.
This investment falls within the framework of the private markets division of Shuaa Capital, which is a joint investment fund for this transaction.
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