Copenhagen-listed Torm says it is expected to breach covenants on its single debt bundle come the close of the second quarter.
“Torm has already approached the lenders and expects to obtain a covenant waiver in advance of the test,” it said in its first quarter report.
Torm has total debt of $1.66bn at the end of March, of which around one third now sits in the hands of hedge funds following purchases in the secondary loan market.
Its
