Oaktree nears Torm takeover

Oaktree nears Torm takeover

Copenhagen: Denmark’s Torm is few weeks away from an engagement with private equity fund Oaktree Capital, a move that will leave Oaktree as controlling shareholder.

Debt ridden Torm needs approval from a large numbers of lenders to complete the engagement.  The deal will balance the company’s balance sheet finally. A deadline for the agreement has been set for March 26.

Private equity fund Oaktree Capital has invested billions in newbuildings, shaking up the whole shipping market, especially the tanker trades.

Torm’s deal will be settled when 75% of the value of the debt and more than 50% of debt owners accept the new conditions of the restructuring.

 

 

 

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.

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