Gulf Navigation Holding PJSC (Gulfnav) has signed a new settlement agreement with tanker owner Nordic American Tankers (NAT), thereby fully settling the long standing debt that GulfNav owed to NAT.
GulfNav said that it is also in negotiations with its other major creditors and “is hopeful of reaching fair settlements soon.”
“We are happy to have reached this important settlement with Nordic American Tankers and I thank them for their positive commitment during the negotiations. This is a step and an important milestone on the commitment we have made earlier to seek fair and amicable settlements with all our legacy debtors,” Khamis Juma Buamim, Board member, MD and Group CEO, said.
The company said that its new management is “working intensively to clear all historical liabilities and backlog in order to give the company a new leash of life.”