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Lenders provide Torm with capital for another six months

All of Torm's lenders have extended the carrier's working capital facility for another six months. This enables the company to work peacefully to secure a finalized capital structure, Torm tells ShippingWatch.

All of Torm's lenders have agreed to extend the carrier's current working capital facility by another six months, so that the facility runs until March 31st 2015, says Torm in a brief to the stock exchange.

"The 100 percent consent level representing more than 40 lenders is a strong sign of the support to Torm and the efforts to recapitalize the company. The aim is to reach a long-term solution for the capital structure within the timeframe of this extension," says CEO Jacob Meldgaard in the statement.

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