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Torm says debt talks with banks continue
August 21, 2012 / 6:52 AM / 5 years ago

Torm says debt talks with banks continue

COPENHAGEN, Aug 21 (Reuters) - Indebted Danish shipping company Torm A/S reported deepening losses for the second quarter on Tuesday and said talks with its banks on a deal to restructure nearly $1.9 billion in debt were still not finished.

Torm, a tanker and dry-bulk operator, has been in talks with 14 banks for months aimed at a comprehensive financing solution to secure its future as a going concern.

“Torm is still working closely with its banks and time charter partners on a financing and restructuring plan,” Torm said in a statement. “The completion of a restructuring agreement is a prerequisite for Torm’s continued operation.”

Chief Executive Jacob Meldgaard said in the statement that Torm had “full support for a final restructuring agreement from all involved parties.”

Pretax losses grew to $132.1 million in April-June from $23.7 million in the second quarter last year. ($1 = 6.0332 Danish crowns) (Reporting by Copenhagen newsroom)

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