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SINGAPORE, July 20 (Reuters) - GP Global will undergo financial restructuring, the UAE-based oil trader and marine fuel supplier announced on Monday.
"We were unable to get full support from a few financial institutions recently and therefore as a prudent decision, we have undertaken this restructuring exercise which is envisaged to be completed in the next few months," it said.
GP said it continues to execute trades and that its bunkering business "is performing well despite the current financial headwinds".
GP Global said market rumours questioning the company's financial condition were "blatant lies" being spread by "vested interests".
"The group strongly and vehemently denies all such rumours," it said.
It said restructuring would help it "combat the challenges that have arisen due to a global economic meltdown".
Oil prices crashed earlier this year as the coronavirus crisis hit fuel demand, causing financial difficulties for traders including Singapore's Hin Leong Trading Pte Ltd, one of Asia's biggest bunker fuel suppliers, and prompting banks to review their lending practices.
GP Global has a presence in the Americas, Europe, Africa and Asia.
(Reporting by Roslan Khasawneh in Singapore; editing by Jason Neely)
((roslan.khasawneh@thomsonreuters.com; +65 6870 3121; Reuters Messaging: roslan.khasawneh.thomsonreuters.com@reuters.net))
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