Banks in USD 500 million impairment for Torm deal

Numerous sources ShippingWatch has spoken to report that the negotiations to secure a new and long-term refinancing agreement for Torm indicate that a deal will be reached within a month. The banks will impair USD 500 million.

If things turn out as numerous sources tell ShippingWatch they will, the rumors concerning the death of Torm were certainly exaggerated. Because the negotiations aimed at creating a new financial platform are reportedly progressing according to plan, report sources intimately familiar with the process, and this means that the carrier should be able to present a deal before the end of March - a deal that is fully backed by the carrier's complicated web of banks and funds.

Torm will publish its annual report 2014 on March 4th, and will hold its General Assembly on March 26th - and it seems unlikely that an agreement will not be ready by then.

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