Owner lent Thorco USD 38 million

Thor Stadil and Christian Stadil provided, through the Thornico group, a loan of USD 38 million to Thorco Shipping, which finished 2014 with a net deficit of close to USD 20 million.

In 2014 the Thornico group, which is controlled by Thor Stadil and Christian Stadil, had to provide a USD 38 million three-year loan to its subsidiary carrier Thorco Shipping.

"In 2014 the company's parent company, Thornico A/S, has granted a 3-year subordinate loan of USD 38 million. Moreover, the company has received a commitment to financial support ensuring the company's ordinary activities up until the time of the Annual General Meeting for financial year 2015," says the carrier's management in the annual report 2014.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Further reading

Related articles

Latest news

See all jobs