Commodity Trader GP Global Seeking to Sell Assets to Repay Banks
- Oil-storage tank farms at Fujairah, Hamriyah are up for sale
- GP Global may also sell barges as commodity firms struggle
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GP Global Group, a United Arab Emirates-based commodities firm, is seeking to sell oil-storage terminals, fuel barges and other assets to repay creditors after trying unsuccessfully to find a buyer for its trading units, according to people involved.
A restructuring adviser is reviewing offers for parts or all of the business and may recommend a deal this month, the people said, asking not to be identified because the information is confidential. Geneva-based Mercuria Energy Trading SA is among firms that have expressed interest, according to people familiar with the situation, one of whom said the two sides were far apart on a potential valuation.