Banks Close to Hiring Adviser for Debt Talks With Abu Dhabi's Gulf Marine Services

Creditors of Abu Dhabi-based Gulf Marine Services (GMS) are close to hiring an adviser to help them renegotiate debt terms, two sources familiar with the matter said, Reuters reported. London-listed GMS, which provides support vessels for offshore oil and gas and other energy installations, has been hurt by a downturn in the oil and gas services industry after a slump in oil prices in recent years reduced demand. GMS had $400 million in total net debt at the end of last year and is renegotiating terms with creditors after it said it may not be able to meet principal debt repayments late next year. Over the past few months the company, advised by boutique investment bank Evercore, has been in talks with its lenders about adjusting its capital structure. GMS said in a statement earlier this month that the talks were making progress, when it announced the resignation of its chief executive – the latest of a series of shakeups at board and management level. Read more