Gulf Marine Services PLC – Financial Results 2019 – ZAWYA

Gulf Marine Services PLC – Financial Results 2019 – ZAWYA

Net cash flow before debt service rose to US$ 41.9 million (US$ 2018: US$ 5.9 million) due to disciplined management of capex and working capital, in the second half of the year.. The Group is considered to be a Going Concern, but subject to a material uncertainty relating to the need to complete documentation relating to the restructuring of facilities announced on 31 March 2020 and the management of a tight short-term liquidity position.. Non-binding term sheet agreed with lender syndicate in March 2020 to restructure the existing debt facilities, including access to new working capital and bonding facilities, underpinning liquidity.. Full documentation is expected to be completed such that new facilities are available to the Group by 30 June 2020.. Should full loan documentation not be agreed with Lenders by 30 June 2020, they would retain the right to call default on the loans.. The need to complete the refinancing of the Group's banking facilities by the end of June and the Group's tight short-term liquidity position indicate a material uncertainty that may cast significant doubt as to the Group's ability to continue as a going concern.. Notwithstanding the material uncertainty, the Directors believe that there is good reason