Casablanca – American vulture fund Fulcrum is visiting a few creditors of distressed midstream oil & gas company Samir.
Fulcrum is a boutique investment firm specializing in the trading and analysis of distressed and special situation investment opportunities.
Vulture investors make profits by buying near-bankruptcy company’s debt at a discounted price. The discounts at which Fulcrum intends to buy the aforementioned debts were not disclosed.
This operation in Morocco is led by Fulcrum’s Dubai SEO Olivier Castelino who mandated local business law firms to handle the offers.
Samir’ court-ordered liquidation was announced in March 2016. The refiner’s total debt was estimated at MAD 43b and is still subject to review by the courts. On the other hand, the company’s assets were estimated at MAD 21b.
Yesterday (March 20th 2017) a session was held at the trade court where a few bids were selected for the acquisition of the refiner. Out of the 20 candidates who expressed an interest for the refiner, four potential acquirers were selected and none of them is Moroccan.
The court extended the term of the assignee responsible for the court-ordered liquidation of Samir, Mohamed El Krimi, in order to work on the offers and ensure the completion of the deal.
El Krimi who launched the call for interest on February 8th 2017, was assigned for a term meant to end today (March 21st 2017)?.?
