Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
HomeMaritime NewsRegionsEuropeTorm gets covenant waiver for $1.6bn loans

Torm gets covenant waiver for $1.6bn loans

Torm gets covenant waiver for $1.6bn loans
Torm has been granted a waiver on its debt covenants as it continues discussions with its lenders for a long term solution to its finance troubles.

The tanker and bulk carrier owner was to due test its compliance with loan covenants on 30 June, a test it expected to fail according to the company's first quarter results.

Torm lost $222m in the first quarter, owing largely to a $195m impairment.

The company's total interest-bearing debt stood at $1.6bn at the end of March 2014.

Torm said it expects lenders "to remain supportive" as it negotiates a sustainable capital long-term structure.

TAGS: Tankers Dry Bulk Finance & Insurance
Related
PortofLAcontainers.jpg
Container shipping demand bounce not quite what it seems
Apr 29, 2024
ammonia-1117246_1280.png
LR grants AiP for ammonia cracking system
Apr 29, 2024
Ocean-Technologies-Group-Article-Artwork.png
E-learning and Maritime Training Developments with Raal Harris from Ocean Technologies Group
Apr 29, 2024
MSC-Aries-Boarding.jpg
Crew of MSC Aries to be released soon says Iran
Apr 29, 2024