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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