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    Oaktree rejects "unfounded" accusations regarding Gulmar deal

    Company News // February 3, 2012

    Oaktree Capital Management and Gulmar Offshore have issued a statement rebutting allegations e-mailed to journalists about Oaktree's acquisiiton of Gulmar.

    The statement reads:

    "As you know, in December 2011, Gulmar completed its financial restructuring under the supervision of the UK courts (press release of Dec 7th attached), coming as the final step of the successful turnaround led by Patrick Chapalain and Neil Guthrie as CEO and CFO of Gulmar.

    "Gulmar was a nearly-bankrupt company before Oaktree invested in it in 2010 and, after a complete revamping of its organization and processes, the Gulmar team has turned it into a growing and profitable business, which Oaktree fully supports.

    "Gulmar has in recent weeks been the victim of an IT security breach in which employees’ email accounts were illegally accessed and certain documents circulated amongst journalists.

    "Gulmar has reported this incident to the police and investigations are ongoing. Any allegation of wrongdoing by Gulmar or Oaktree is entirely inaccurate."


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