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.

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

SDK Freja anticipates steep earnings drop following record year

Logistics company SDK Freja, which delivered record financials with great advancement on top and bottom lines, takes a more gloomy view of the current fiscal year due to several ”external factors.” However, the growth target remains the same, CEO tells ShippingWatch.

LNG carriers concerned about increasing ship prices

The price on new LNG vessels has soared vigorously, and for Flex LNG this has meant a withdrawal from the market for new ships. Such was the statement by Flex LNG’s chief exec at Marine Money in New York, where he also announced new long-term charter agreements.

Maersk ships delayed up to three weeks on US east coast

Bottlenecks at major container ports on the US east coast have entailed that Maersk vessels are affected by delays of up to three weeks. It’s a combination of congestion, many ships, and a lack of container space, Maersk says.

Further reading

Related articles

Latest news

See all jobs