Gulmar Energy S.A (FC030470): administration
- Status
- Administration ended
- Administration began
- 2011-12-06
- Administrators
- Philip Stephen Bowers, Ian Colin Wormleighton
- Administrators' firm
- Deloitte
- Incorporated
- 2011-07-26
- Location
- Panama City
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Group had experienced tough market conditions during the past year, with its vessels having lacked charters for significant periods Charters that had been secured had been of low yield and often required the vessels to be moved to the required location at considerable cost to the Group The reduced work stream weakened cash flow which, when added to the already significant debt burden (as detailed in 4 3), made it necessary for the Group to be restructured The Group's major shareholder, OCM had been funding operating losses for some time (via ISF 4711) The board of directors had been in discussions with tts shareholders and third party lenders in attempts to solicit a consensual restructuring of the Group’s debt and secure the injection of additional new money to resolve the forecast balance sheet and cash flow insolvency
The protracted discussions with the various stakeholders did not provide a consensual solution and ISF 4711 withdrew their additional facility As a consequence the directors determined that the Companies were insolvent and a resolution was passed unanimously on 30 November 2011 to take steps to place them into administration
Administrators' statement of proposals (2012-01-24) · Companies House register