Torm misses loan deadline for restructuring

The company's super senior working capital facility was extended at the end of August under terms including the agreement of a restructuring process with lenders by 20 November.

Torm has an agreement in place with Oaktree Capital Management for a possible restructuring, but that hasn't yet received unanimous support. Some lenders have have taken reservation of rights regarding a potential default under other provisions.

The Danish company does not expect that the default will be enforced while its negotiations continue with Oaktree and its lenders, a process it expects to conclude by the first quarter of 2015.