Independent journal on economy and transport policy
11:34 GMT+2
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Torm and Excel come to an agreement creditors with banks
a "meaningful share quota" the Danish company will go to banks and partner charters
April 5, 2012
The shipowning society Danish Torm, that it mainly has a fleet of about 160 producing ships destined to the transport of oil refined and bulk sand banks, has announced to have reached a preliminary agreement of standstill with the coordinating committee of the banks creditors that support the company financially and to have reached also a preliminary understanding with the charters of the ships to the aim to realign the hires to the current level of the market or, in alternative, to cancel contracts.
Torm has specified that if such agreements will be returned definitive, the banks and the partner charters will receive a "meaningful share quota" the Torm in exchange for the made concessions in order to reach financial an in the long term relative understanding to the support to the company. The Danish society has specified moreover that the actions of new issue of Torm will have an important diluitivo effect on the value of the actions.
Also the Greek shipowning company Excel Maritime Carriers, that it has a fleet of 47 ships (40 of property) for the bulk transport sand banks, has communicated to have with banks agreed modifications to the sindacata credit line of the value of 1,4 billion dollars that allow mainly the dismissal of payments of installments.
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