ShippingWatch

Crucial day for Torm management

Following the annual general meeting on Monday, April 23rd, and according to the company's most recent plans, the existing board of Torm - led by lawyer N.E. Nielsen - now has four weeks to finalize discussions on a long term financial solution to make the banks the owners of the shipping company. This will likely be the end of the current board.

Photo: LARS KRABBE

A comprehensive agenda of a total of 17 pages awaits the delegates at the general assembly on Monday 23 April at 10 o’clock in the Falconer Centre in Copenhagen. Here, the board of the suffering company Torm will face the equally suffering shareholders in what will be the most crucial general assembly ever in the crisis-stricken shipping company. If the majority - including the Greek major shareholder Gabriel Panayotides as the central figure - accepts the agreement of a long term financial solution entered into by the company, the banks and the owners of chartered tonnage, the banks will take over the role as the biggest shareholder in the company, thus assuming control of the indebted Torm.

Four more weeks

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