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Dubai marine firm Stanford continues turnaround with $45m from National Bank of Fujairah

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. ....

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Shuaa announces senior executive promotions

Shuaa Capital, a leading asset management and investment banking platform in the region, has announced the promotion of two of its senior executives. ....

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Shuaa Capital buys Dh1.13bn of Stanford Marine Group's debt in deal that saves 1,800 jobs

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Dubai investment banking firm Shuaa Capital bought out Dh1.13 billion ($308 million) of debt owed by Stanford Marine Group, and looks to close at least two more debt buyout transaction this year, its chief executive said.
Shuaa has taken 100 per cent ownership of the offshore marine services firm, as it bought debt held by five local and two international lenders at a discount, Jassim Alseddiqi told
The National in a phone interview, declining to give further details.
Shuaa and its consortium bought out 100 per cent of the Stanford Marine Group debt and with that we became the owners of the business, he said. ....

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