ShippingWatch

Broad support for Torm rescue deal - this is the plan

The almost 125 year old Danish tanker carrier Torm looks set to finally be rescued. At the General Assembly tomorrow, Thursday, the shareholders will vote on the proposed rescue plan that could keep the carrier going. ShippingWatch presents the details of the plan below.

With a market value of around USD 800 million and a fleet of 76 vessels in total, Torm will be resurrected as one of the largest product tanker carriers in the world on owned tonnage when the General Assembly at the Radisson Blu hotel in Copenhagen tomorrow, Thursday, formally approves the restructuring plan for the company that five major banks, along with a sizeable number of creditors - a total of 40 funds - have been negotiating for years.

According to ShippingWatch's sources, the creditors have reached agreement concerning the financial basis for the new Torm, which will have Oaktree Capital Management as controlling shareholder, and the US-based fund will also supply the economic foundation through assets totaling 31 new ships, thus pushing the combined fleet to 76 vessels.

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