SMG balance sheet successfully restructured with SHUAA’s debt buyout deal
SHUAA Capital, the leading asset management and investment banking platform in the region, recently announced that it has successfully completed a debt buyout of Stanford Marine Group’s AED 1.13bn (US$ 308mn) facility, resulting in a successful outcome for all parties involved, the financier revealed in a press communiqué.
SMG is one of the most prominent and diversified offshore services companies in the Middle East, with a focus on chartering, building and repairing offshore support vessels for the oil and gas industry.
Following the debt buyout, SMG is poised for growth. The restructuring transaction has also helped save more than 1,800 jobs, and annual exports of close to USD 20 million worth of (Made in UAE) vessels made in the Grandweld shipyard’s facility in Dubai Maritime City.
“We believe this to be one of the few restructuring transactions in recent times to successfully address all stakeholder needs and we hope that this will serve as a template for further such transactions,” commented Jassim Alseddiqi, CEO, SHUAA Capital.
“SHUAA Capital has managed to pull off a complex restructuring program effectively giving the company a new lease of life,” remarked Elias Nassif, CEO, Stanford Marine Group.
This investment is part of the Private Markets activity of SHUAA Capital and is held as a co-investment vehicle.
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