(MENAFN) UAE shipper Gulf Navigation had cut its capital by two-third and covered USD300 million of its accumulated losses in part of its plan to solve its debt issues, according to Arab News.
The company said that its capital was cut from USD451 million to USD149.98 million.
The company has been in negotiations with creditors after oversupply hit the oil tanker business and transport rates plummeted.
Shareholders approved in January measures to turn around the company, which included the reverse stock split, issuing a USD130 million convertible bond and selling two of its very large crude carriers (VLCCs).
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