Oaktree is set to assume a majority holding in Torm as part of a second restructuring package where the investor will inject ships in exchange for shares.
Flemming Ipsen tells TradeWinds the agreement, which also sees lenders set to reduce debt and provide fresh funds, is a “prudent and well thought out plan”.
In an interview with TradeWinds today, he said: “We believe as a board that this is the first time that there is a realistic plan so our financial troubles over the past four years can be solved to the benefit of all parties involved.”
Ipsen
