Copenhagen-listedTorm, which admits it drafted Chapter 11 bankruptcy documents as a precaution, will bemore than 70% bank owned following the pact.
NielsErik Nielsen, chairman of the shipowner, said: “Therestructuring agreement secures Torm substantial deferral of bank debt, newliquidity and savingsfrom the restructured time charter book.
“Thiswill enable Torm to become cash flow positive even at the current rate levels.
“Thecompany now has time to further secure the future, long-term capital structure.
“Ithas
