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.