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Torm reaches final agreement with banks

Torm reaches restructuring agreement with its banks and the owners of chartered tonnage. “It’s taken a long time to reach this point, and it’s come with great costs for the company, but Torm can now continue with the daily operations by itself,” says Chairman N. E. Nielsen.

Torm has reached a restructuring agreement with its banks, and the owners of chartered tonnage, says the company in a note to the Copenhagen Stock Exchange on Tuesday.

“The restructuring agreement ensures Torm a significant extension on the company’s debt to the banks, new liquidity, and savings from the restructured fleet of chartered ships. The company now has time to ensure the future, long term capital structure. It’s taken an incredibly long time to get to this point, and it’s come with great costs for the company, but Torm can now continue with the daily operations by itself in a still very difficult market,” says Chairman N. E. Nielsen.

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