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Torm wraps up US delisting

Torm wraps up US delisting
Torm has today filed papers with the SEC to voluntarily terminate the registration of its securities with the commission.

The filing suspends Torm's obligations to report to the SEC.

Trading of the American depository shares and the firm's deposit agreement with Deutsche Bank was stopped on 19 July last year, after the company announced in June that the high cost and small scale of the ADR programme meant it was in the interests of shareholders to delist.

Despite narrowing its third quarter loss to $40.2m, restructured Torm was forced to sell four of its MR product tankers to Oaktree Capital Management by one of its banks last November.

Torm's annual report 2013 is due 5 March 2014.