UAE tanker owner Gulf Navigation on Tuesday said delays in the receipt of dues from the defunct company’s estate have resulted in a breach of a reset agreement with its lenders.
According to securities filings, the pact effectively waived restrictive cash and debt covenants from November 3011 through March 2013.
The deal gave the group’s banks the right to call an event of default and declare all outstanding loans immediately payable if it failed to comply with certain terms.
The
