Singapore: FSL Trust Management has provided details of a restructuring agreement with its banks and tonnage providers that will secure for under pressure Torm substantial deferral of its bank debt, new liquidity and savings from its restructured time charter book.
“Subject to the technical completion of the restructuring agreement, which is expected within four weeks, tonnage providers, including FSL Trust, who have agreed to permanently amend their charter contracts, will receive in aggregate a 17.3% equity stake in the enlarged share capital of Torm,” FSL said in a release.
As part of Torm’s restructuring agreement, FSL had previously agreed to and obtained formal approval from its lenders for the realignment of the charter terms for its two Torm product tankers. [04/10/12]
