In early 2012, Torm was carrying $1.9 billion of debt while lacking means to repay this debt. A Chapter 11 filing and the painful process of restructuring soon followed.
Torm’s Chief Financial Officer, Roland M. Andersen had a serious job ahead and in many ways, held the fate of his company in his hands.
By October 2012, after what must have been endless meetings with banks and lawyers, a restructuring agreement was signed by Torm, their banks and time charter partners. In addition, a $100 million operating loan was granted. Torm was in clear, and the company’s shares shot up 20% almost immediately.
With the difficult work complete, and having fulfilled his responsibilities at CFO and a member of Torm’s Executive Board, Mr. Anderson has tendered his resignation today.
A statement today by Torm notes that he will continue his normal duties on the Executive Board and officially leave the company by the end of October 2013. The search process for a new CFO will be initiated immediately.
TORM’s Chairman Flemming Ipsen regrets Roland M. Andersen’s resignation: “I have appreciated our cooperation, and on behalf of both the Board of Directors and CEO Jacob Meldgaard I wish to acknowledge Roland M. Andersen’s valuable contribution to the Company also during the difficult restructuring process”.
Roland M. Andersen says: “The work to get the Restructuring Agreement in place has now been completed, the Company’s situation has stabilized and the Annual General Meeting has approved the Annual Report for 2012. In the light of this, I have decided that now is the right time for me to embark on a new journey in my professional life. “