ShippingWatch

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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Höegh Autoliners joins climate coalition

Norwegian car carrier Höegh Autoliners enters climate alliance First Movers Coalition, also counting Maersk, as ”sustainability frontrunners within their sector.”

Maersk rejects shippers' complaint in USD 180m dispute

U Shippers has no case in a contractual dispute reported to the US Federal Maritime Commission, Maersk writes in a response to the FMC. Moreover, the case should not even be a matter for the commission, the company says.

Related articles

Latest news

See all jobs