Investors gave the green light to Oaktree Capital Management’s restructuring agreement with Danish tanker company Torm at an extraordinary general meeting held today.
The US-based private equity firm has a majority ownership stake in Torm with 62% of its A shares, and has called for several new members and a new chairman to be instated in Torm’s board of directors.
Jeffrey S. Stein and Eugene Irwin Davis were elected first and second alternate for the deputy chairman, and Torben Janholt and Pär Göran Trapp were elected as new board members.
The meeting also approved a reverse stock split whereby all of Torm’s A shares will be consolidated in the ratio of 1,500:1. After the process is completed, any holding of 1,500 A shares of DKK 0.01 will be consolidated into one A share of DKK 15, Torm said.
Torm’s second largest shareholder is its former creditor DW Partners, which holds over 6% of the A shares. The remaining shares are held by shareholders holding below 5% each.