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FAL Oil may need to sell tanker to repay loan
- United Arab Emirates: Sunday, September 16 - 2012 at 10:36
FAL Oil, a UAE-based energy trader that's under US financial restrictions for links to Iran, faces the forced sale of a fuel tanker held in Singapore to repay $57.6m to DVB Bank, Bloomberg has reported. Frankfurt-based DVB, which loaned $62.4m to FAL Oil in July 2010 to refinance the construction of two tankers, sued the trader and sought the seizure of one of the tankers after telling FAL it had defaulted. FAL, once one of the largest ship-fuel suppliers in the UAE, is in talks with lenders to restructure debt and get new cash for operations, a FAL official said last month.
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StaffSunday, September 16 - 2012 at 10:36 UAE local time (GMT+4)
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