ShippingWatch

Torm in negotiations with two separate investor groups

Shipping company Torm is negotiating with two separate investor groups. “The cooperation with the banks has paid off,” says Torm Chairman, N.E. Nielsen.

“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:

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Nina Østergaard Borris takes over as USTC's CEO

Danish billionaire Torben Østergaard-Nielsen passes the position as CEO of USTC to his daughter Nina Østergaard Borris. ”A joint decision by the ownership,” Østergaard-Nielsen tells newspaper.

Latest news

See all jobs