RESTRUCTURING

摘要

Danish shipping firm torm has reached an agreement with its co-ordinating committee of lenders to extend a super senior working capital facility by six months as restructuring talks around its US$1.7bn debt continue. The agreement in principle will reduce the facility from US$100m to US$50m and extend it until March 31 next year. The extension is expected to be fully in place by September 30. The agreement was announced in the company's second-quarter results, which saw losses reduced to US$22.8m from US$30.2m this time last year. In March, Torm said that it would be unable to comply with the covenant on minimum interest cover; in June the firm obtained a covenant waiver from lenders, which will be in place until the end of the third quarter.