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FAL Oil freezes restructuring talks
- United Arab Emirates: Thursday, January 10 - 2013 at 01:46
FAL Oil Co, a UAE-based energy trader that's under US financial restrictions for links to Iran, has announced the suspension of debt restructuring talks with lenders on December 10, Bloomberg has reported. Sharjah-based FAL is seeking to revive fuel supply agreements with regional state refiners to show lenders it would be able to generate income and allow it to reach a debt repayment agreement, a FAL official said. Debt restructuring talks with 14 lenders foundered last month as the company needs to raise about $300m to $400m in working capital from the creditors to continue operations, the official said.
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