Torm saw its lenders take a significant holding in the company in February 2012 after a long effort to find a solution to debt problems bore fruit. 

While the exercise helped keep Torm out of Chapter 11, it has been looking to establish a new capital structure for some time.

Yesterday as it reported its second quarter results Torm revealed an agreement in principle has been struck with lenders to stretch its working capital facility until 31 March next year.