“TORM is pleased that the close cooperation with the banks and other stakeholders has generated results and that two international, recognized groups of investors have as part of the capital raising process submitted specific, conditional proposals to TORM to inject USD 100-200 million in equity and cash initiatives. A very important step has been taken, and the risk of an in-court solution in Denmark or anywhere else will be eliminated if and when the conditions in these proposals have been fulfilled,” says Chairman N.E. Nielsen in a press release from Torm.
Since November 17th 2011, Torm has been working closely with its banks, owners of chartered tonnage, shareholders and other stakeholders to create a basis for continued operation of the shipping company. The five main points of the comprehensive, long term financial plan of action are as follows: