Dubai – Mubasher: Shuaa Capital-led consortium has bought out AED 1.13 billion ($308 million) debt of Dubai-based Stanford Marine Group (SMG), according to a press release on Sunday.

The transaction has enabled SMG, an offshore services company, to restructure its balance sheet, provided cash recovery to lenders, and saved over 1,800 jobs.

In addition, about $20 million annual exports of vessels made in Grandweld shipyard’s facility in Dubai Maritime City were registered.

Since 2019, Shuaa has been working with SMG's lenders and advisors to reach a buyout deal that meets all parties' objectives.

This investment is forecast to generate management fee and performance fee income to Shuaa, alongside the investment return on its principal investment position.

Commenting on the transaction, the CEO of Shuaa, Jassim Alseddiqi, said: "We believe this to be one of the few restructuring transactions in recent times to successfully address all stakeholder needs and we hope that this will serve as a template for further such transactions."

Meanwhile, the CEO of SMG, Elias Nassif, remarked: "Shuaa Capital has managed to pull off a complex restructuring program effectively giving the company a new lease of life."