TORM to Finalize Its Restructuring by Mid-July

Danish shipping company TORM said on Thursday it expects to wrap up its restructuring by mid-July.

The announcement comes following the restructuring scheme’s approval under each of its four loan facilities by the company’s lenders at the Scheme meetings held yesterday.

TORM said it will now apply for the scheme to be sanctioned by the High Court of England and Wales on 30 June 2015.

“Provided the Scheme is sanctioned, TORM will then deliver the sanction order to Companies House on or around Wednesday, 1 July 2015 – the lodgement date,” the company said, adding that once the scheme is approved it would be able to implement the final steps to complete the restructuring which is slated for completion mid-July 2015.

In the first quarter of 2015, TORM delivered a positive net result for the first time in the last five years having reaped the benefits of a stronger tanker market.

TORM realized a positive EBITDA of USD 53m and a profit before tax of USD 9m, against a  loss of USD -222m from 2014.