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UK Court approves Torm proposal for creditor meetings

Torm has now come a little closer to rescue. The carrier has received approval of a proposal for creditor meetings where Torm will force the remaining lenders to agree to the plans.

Photo: Torm

Carrier Torm is now one step closer to being definitively rescued after several years with sluggish results.

Torm was recently saved in the nick of time when 94 percent of the company's creditors opted to support a restructuring. Now the carrier has obtained approval for creditor meetings where it will force the remaining lenders to say yes to the plans - a so-called compulsory agreement.

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