Reuters logo
Torm says reaches restructuring deal with banks
October 2, 2012 / 6:36 AM / 5 years ago

Torm says reaches restructuring deal with banks

COPENHAGEN, Oct 2 (Reuters) - Debt-stricken Danish shipping company Torm A/S on Tuesday said its banks and partners had thrown it a lifeline consisting of a $100 million new working capital facility and deferred instalments on its $1.8 billion of debt.

The tanker and dry-bulk operator has for months been fighting for survival in a sector slump now in its fourth year, caused by a weak global economy, oversupply of vessels and low freight rates. (Reporting by Mette Fraende; Editing by Mark Potter)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below