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Torm expects another extension of bank agreement

Danish shipping company Torm expects the company’s banks to extend the agreement of deferred installments and covenant standstill that expired yesterday, says the shipping company, which expects this to happen “shortly.”

Photo: Rederiforeningen

Torm announced Friday that the shipping company expects the banks to - again - renew the agreement that expired yesterday, May 31st. Furthermore, the company says it expects this renewal to happen “shortly.”

The last extension was granted on May 11th. According to industry sources, a two week extension is a probable outcome.

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