Torm’s restructuring nearly complete

Torm’s restructuring nearly complete

Copenhagen: In another important milestone along the way of the restructuring of Danish line, Torm, its lenders have approved a scheme of arrangement for each of its four loan facilities. Provided the scheme is sanctioned at the end of this month at the High Court in London, Torm says it will then be able to implement the final steps to compete restructuring by the middle of next month.

The Danish bulker and tanker player entered restructuring three years ago, weighed down by $1.9bn of debts. This spring private equity giant Oaktree Capital won shareholder approval to take over the shipping line.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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