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Torm moves closer to restructuring agreement

Torm moves closer to restructuring agreement
Embattled Danish shipowner Torm has entered into a new restructuring agreement with some of its lenders and private equity firm Oaktree, moving it closer to securing its future.

In a statement issued on Saturday Torm said it was now seeking support from its remaining lenders for the restructuring agreement.

“I am proud that Torm, certain lenders and Oaktree now have agreed and signed the new Restructuring Agreement,” said Torm chairman Flemming Ipsen.

“This is an important milestone in the restructuring process. Next step is to get the required lender support in place over the coming weeks to be able to implement the restructuring.”

Last week Torm obtained forbearance from a "sufficient number of its lenders" on default events through until its latest restructuring is agreed, or 23 April 2015.