• The agreement involves issuing Mandatory Convertible Bonds worth $10.16m.
  • Gulfnav has recorded a net profit growth of 172 per cent in the first half of 2015

Dubai-based shipping company Gulf Navigation Holding (Gulfnav) has signed a settlement with US-based Nordic American Tankers (NAT) to issue mandatory convertible bonds (MCBs) with a face value of AED37.34m ($10.16m).

The MCBs are a final settlement for claims made by NAT, one of its major creditors.

They will be issued before 20 August, after approval from the Department of Economic Development and the Securities and Commodities Authority of Dubai.

The settlement follows Gulfnav’s recent report of a net profit growth of 172 per cent to AED10.042m in the first half of 2015 amid efforts to address creditor issues.

The company is currently engaged in negotiations with other creditors to reach mutually satisfactory outcomes.

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