Financially troubled GP Global announced last week that it has hired a restructuring officer to oversee its quest for capital infusion along with a restructuring firm to aid that effort.
The disclosure came two weeks after Dubai, United Arab Emirates-based GP advised that it was seeking investors because banks had refused to extend credit.
GP said it has hired Rod Sutton of FTI Consulting to serve as chief restructuring officer. The restructuring firm that GP hired is Quantuma, which provides advice transactions, assists in resolving disputes and helps organizations overcome operational and financial challenges.
Sutton has been directed to work with Quantuma to “transform GP Global Group into a strong, financially prudent and future ready corporation with enhanced transparency.”
GP did not offer further details about its restructuring goals or the status of its efforts.
When GP announced its intention to restructure on July 20, the company also complained that other parties were spreading false rumors that its operations had been disrupted. The company acknowledged being in a cash crunch after creditors tightened reins on lending to it.
GP distributes base oils and blends finished lubricants and also provides shipping, logistics and terminalling services.