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DUBAI / Reuters
Stanford Marine Group, majority owned by a fund managed by private equity firm Abraaj Group, is in talks with banks to restructure a $325 million Islamic loan, banking sources said.
The Dubai-based oil and gas services firm has asked banks to consider extending the maturity of its debt and restructuring repayments, the sources said. A fund managed by Abraaj, whose investment portfolio spans emerging markets, owns 51 percent of Stanford Marine, with the remaining stake held by Abu Dhabi-based investment firm Waha Capital. A person familiar with the process said Stanford Marine’s restructuring discussions were completely independent from Abraaj and Abraaj’s talks with investors in its healthcare fund were entirely independent from Stanford Marine’s situation.