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Torm moves ahead with with restructuring filing with 94% lender support

Torm is moving ahead with filing its scheme of arrangement to restructure its business despite not getting 100% approval from its lenders to date.

Marcus Hand, Editor

May 13, 2015

1 Min Read
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Torm said that as of 12 May 94% of its lenders had approved the restructuring agreement that it signed with Oaktree Capital.

The company said it was seeking support of all its lenders, however, that in case this did not happen it had filed an application for the scheme of arrangement with the High Court in London.

The scheme of arrangement can go ahead as long as it has 75% support from lenders who attend and vote at scheme meetings.

About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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