Port of Antwerp Plans Namibia Hydrogen Harbor
(Bloomberg) — Port of Antwerp Bruges plans to develop a €250 million ($267 million) hydrogen and ammonia storage and export facility at the Namibian Port of Walvis Bay, together with...
Torm announced last week that unnamed investors have submitted specific, conditional proposals to inject between $100 million and $200 million in equity and cash into the company, which is carrying $1.8 billion in interest-bearing debt, and has been pressured by plummeting freight rates amid overcapacity on the shipping market.
However, the FT said three people involved had confirmed to the paper that negotiations were fruitless and that Torm’s three biggest lenders–Danske Bank A/S (DANSKE.KO), Danish Ship Finance and Nordea AB (NDA.SK)–would now take charge.
FT added that the banks “are likely to seek a restructuring that avoids the time and expense of a formal bankruptcy procedure in Denmark or the U.S., where Torm is listed on Nasdaq.”
Newspaper Web site: www.ft.com
-By Niclas Rolander, Dow Jones Newswires
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 105,883 members that receive our newsletter.
Have a news tip? Let us know.
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign UpMaritime and offshore news trusted by our 105,883 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up