Denmark-based TORM say that all lenders have supported the agreement to extend the existing Super Senior Working Capital Facility by six months until 31 March 2015 to facilitate the completion of the recapitalization process.
Given the current limited draw, the extended facility will be reduced from USD 100m to USD 50m on TORM’s request, however the extension remains subject to continued progress in the recapitalization process.
'The 100% consent level representing more than 40 lenders is a strong sign of the support to TORM and the efforts to recapitalize the Company. The aim is to reach a long-term solution for the capital structure within the timeframe of this extension', says CEO Jacob Meldgaard.
TORM is one of the world’s leading carriers of refined oil products as well as a player in the dry bulk market. TORM was founded in 1889 and celebrated its 125 year anniversary earlier this year. The Company conducts business worldwide and is headquartered in Copenhagen, Denmark.