US Bans Imports From Chinese Fishing Company Citing Seafarer Welfare
By David Lawder (Reuters) – U.S. Customs and Border Protection on Friday imposed a new import ban on seafood from a Chinese fishing fleet that the agency says is using...
After losing 13 product tankers to Oaktree Capital Management earlier this year, Danish shipowner Torm has entered into an agreement with its 40+ lenders and Oaktree regarding a possible restructuring plan.
The specific details were not released, however according to Torm, the restructuring is expected to stipulate that the lenders will initially write down the company’s debt to the current asset values in exchange for warrants and may elect to convert part of the remaining debt into new equity in the Torm.
As of 30 June, the book value of Torm’s fleet was USD $1.2 billion. Based on broker valuations the fleet had a market value of USD 931 million. Torm is one of the largest product tanker companies in the world with a fleet of 43 tankers and two dry bulk carriers. The company also operates 53 additional ships.
Torm says Oaktree would contribute product tanker vessels in exchange for a controlling equity stake in the combined company. The agreement also envisages a new working capital facility.
It is expected that the restructuring will result in a substantial dilution of the existing shareholders in TORM. The final restructuring plan and transaction structure will be presented no later than first quarter of 2015.
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