At the Torm General Meeting on Monday 23 April, the chairman of the Torm board, N.E. Nielsen, declared that the Torm management has negotiated an agreement in principle with its banks and creditors including a considerable reduction of shareholders’ influence. If the agreement in principle will be finalised, the present shareholders in Torm will no longer own 100 percent of the shares but only 7.5 percent.
Instead, banks and other Torm creditors will assume the role as the controlling majority in the shipping company. This corresponds to a reduction in influence by a factor of 13:1 for existing shareholders. This way, the Greek major shareholder, Gabriel Panayotides will own only 3.9 percent of the new Torm compared to the 52.2 percent, he owned before.