COPENHAGEN–Financially-troubled Danish shipper Torm A/S (TORM.KO) said Thursday it is still in talks to seal a long-term debt refinancing deal that will allow it to stay afloat, responding to media reports claiming the company and its banks are about to sign a deal.
“Due to stories today in the Danish media, Torm wants to reconfirm that negotiations are still ongoing with relevant parties with the aim of reaching a long-term financial solution,” the company said in a statement.
“Torm will issue a statement once a deal has been concluded,” it said.
The company has long suffered from weak shipping rates and a towering debt, which currently stands at around $1.9 billion. It has reached an agreement in principle with its banks for a deal that will freeze debt payments and inject $100 million of fresh capital, but so far the parties haven’t been able to finalize the talks.
– Flemming Emil Hansen, Dow Jones Newswires
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
What (Acting) Secretary Hung Cao’s First Five Months Tell Us About the Job Ahead By Bruce Kimbrell (Policy Op-Ed) President Trump has nominated the Honorable Hung Cao to become the...
Hafnia Limited has entered into a preliminary agreement to acquire approximately 14.1 million A shares in product tanker operator TORM plc from Oaktree Capital Management, representing about 14.45% of TORM’s...
Denmark-based tanker owner TORM says it has ordered four newbuild LR2 tankers from Guangzhou Shipyard International (GSI) in China for $200 million, with options to build up to six additional...
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
