Torm CEO sees great uncertainty about firm's future
COPENHAGEN, March 1
COPENHAGEN, March 1 (Reuters) - The head of indebted Danish shipping company Torm A/S said on Thursday that the company's future is subject to "great uncertainty" and no scenario is ruled out.
The remarks from Chief Executive Jacob Meldgaard followed Torm's report of deepening 2011 losses and statement that it must reach a long-term financing solution soon for its $1.8 billion in debt to secure operations and liquidity in 2012.
"On the basis of the results and the debt we have, which still stands as a short-term commitment, there is great uncertainty about what is going to happen," Meldgaard told Reuters.
Meldgaard said that efforts continue to reach a deal with Torm's creditors, and it was in the interest of Torm's banks, investors and counterparties to find a solution.
The most recent deferral of debt repayments and standstill on Torm's debt covenants expires on Thursday. (Reporting by Ole Mikkelsen)
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