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Dubai: The Dubai based Stanford Marine Group has charted further progress in its turnaround plan, by securing $45 million from National Bank of Fujairah. The marine company has also brought in a new board of directors. These follow early this year’s rescue act by Shuaa Capital, which acquired the Dh1.13 billion that Stanford was burdened with. The new bank financing is structured as a bilateral facility for a period of around five years. It will be used to support Stanford’s expansion possibilities in the offshore support vessel sector as well as “optimize capital structure”. Shuaa s debt buyout In January, Shuaa completed a discounted debt buyout of Stanford Marine Group s Dh1.13 billion debt, resulting in a successful outcome for all parties involved, including the participating banks.

United arab emiratesGulf newsAl fujayrahVince cookNational bankStanford marine groupStanford marineImage creditShuaa capitalஒன்றுபட்டது அரபு அமீரகங்கள்வளைகுடா செய்திவின்ஸ் சமைக்கவும்தேசிய வங்கிஸ்டான்போர்ட் கடல் குழுஸ்டான்போர்ட் கடல்படம் கடன்