The VLCC and chemical carrier company has been in breach ofloan covenants since last year and is in continued talks with creditors overrestructuring its debts.
Sustained losses mean its accumulated deficit has stretchedto over AED 500m ($136m) and group liabilities have reached AED 850m as at theend of June and the company warned it could be forced to take drastic action ifit fails to secure fresh access to finance.
