World News
TORM Restructuring Agreement Signed by 92% of Lenders
Shipping company TORM Monday announced it had achieved over 90 percent lender support for its new restructuring plan.
"The Board of Directors is pleased to announce that the new Restructuring Agreement as of today has been signed by TORM, Oaktree Capital Management and a majority of the Lenders holding in aggregate 92% of TORM's existing loan facilities by value," said the company.
TORM added that it hopes to secure 100 percent agreement, but will push forward with the restructuring plan either way.
"In the case that less than 100% support is achieved, TORM will implement the Restructuring through an English law scheme of arrangement," it said.
Final implementation of the plan is subject to certain conditions, including approvals from relevant public authorities, added the company.
Under the new deal, it is understood that Oaktree Capital Management will become controlling shareholders, having swapped some of its debt for shares in the company.
TORM's debt will fall from $1.4 billion at present to $850 million.
Late last month, current TORM Chiarman Flemming Ipsen said parties were negotiating a "locked text" of the Restructuring Agreement but a deal could not yet be announced.
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| VLSFO | MGO | |||
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| $/mt | +/- | $/mt | +/- | |
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| Global Average Bunker Price | 561.50 | 3.00 | 745.50 | 1.50 |
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