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Torm expects finalized deal in July

At a hearing in London on Thursday, Torm secured the necessary consents from creditors and now expects to complete the restructuring of the company by mid-July this year.

Torm is nearing the finish line in the protracted process of getting the carrier back on its feet. On Thursday, Torm secured the necessary consents from creditors at a hearing in London at a so-called Scheme of Arrangement, says the carrier in a corporate statement.

The carrier initiated a UK Scheme of Arrangement process in May, an accord under British law in which a company can force creditors to approve restructuring plans. At this point, Torm still lacked consent from six percent of the carrier's creditors for the restructuring plan.

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