Daily News: September 30, 2014

Torm Lenders Table Restructuring Plan

Reuters reported Danish shipping firm Torm reportedly said a financial restructuring plan was tabled by more than half of its lenders and Oaktree Capital Management.

According to a Reuters source close to the situation, the lender group represents 61% of Torm’s lender base and are the remaining original lenders that have continued to hold the company’s $1.7 billion debt pile.

The restructuring plan includes a debt for equity swap and a trade merger solution which would involve a merger between vessels owned by Oaktree Capital Management and those owned by Torm, the Reuters source said.

To read the entire Reuters article, click here.