RESTRUCTURING

摘要

Struggling Danish shipping firm torm has won court approval to convene a creditor meeting to discuss the terms of its debt restructuring, which will be done via a scheme of arrangement. In a statement last week, the company said that it had presented the court with detailed terms of its restructuring plan in order to get the necessary approvals. Under the detailed terms of the restructuring, Torm's lenders will write down more than US$500m of the current debt to an estimated US$873m and in return they will receive warrants representing 7.5% of the company's share capital at completion of the restructuring.