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Controversial Torm owner saved by substantial bank agreement

The major Greek shareholder in Torm has succeeded in extending the debt of Excel Maritime Carriers in an agreement which has finally been settled.

An Excel Maritime Carriers combined loan of approximately USD 1.4 billion has been extended through an agreement with the shipping companies group of banks including Nordea.

As a result of this, the company now has the possibility to postpone payments of a value of USD 100 million of the company's debt in 2012 and 2013 until 2016. The postponed payments will be added to the company’s 2016 balloon repayment with an interest of 4 % compared to 2.8 % as is the case with the rest of the debt.

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