Torm has not achieved the milestones required by the banks in relation to an extension of the loan facility that provides the carrier with working capital. But Torm expects to find a solution, says the company in a statement.
The bank agreement stated that the carrier had to reach a restructuring and support agreement with Torm's Coordinating Committee of Lenders, representing banks as well as other lenders, by November 20. But the carrier has failed to achieve a complete agreement before the deadline.
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