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  • 2015 April 20 16:02

    TORM reaches more than 90% lender support for new Restructuring Agreement

    The new Restructuring Agreement as of today has been signed by TORM,  Oaktree Capital Management and a majority  of the Lenders holding in aggregate 92% of  TORM’s existing loan facilities by value, the company said in its press release. 

    In the  case that less than 100% support  is achieved, TORM will implement the Restructuring through  an English law scheme of arrangement. As stated above, TORM has already obtained the  required minimum Lender consent of 75% by value and a majority in number of the relevant  classes of TORM’s Lenders who attend and  vote at any such scheme meeting. 

    The final implementation of the restructuring w ould be subject to certain conditions precedent,  including required approvals from public authorities. 

    About TORM

    TORM is one of the world’s leading carriers of refined oil produc ts as well as a player in the dry bulk market. The Company operates a  fleet of approximately 80 modern vessels wi th a strong commitment to safety, envir onmental responsibility and customer service.




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