RESTRUCTURING

摘要

Lenders to troubled Dutch shipping company torm approved a scheme of arrangement at a number of creditor meetings held last week. The company will now apply for the scheme to be sanctioned by the High Court of England and Wales on June 30. If the scheme is sanctioned, Torm will then deliver the sanction order to Companies House on July 1, at which time the scheme will become effective and the firm will be able to implement the final steps to complete its financial restructuring by mid-July. Under the detailed terms of the restructuring, Torm's lenders will write down more than US$500m of its debt to an estimated US$873m and in return they will receive warrants representing 7.5% of the share capital of Torm at completion of the restructuring. As part of the plan Oaktree will provide Torm with new vessels valued at US$724m. In return Oaktree will receive shares in Torm of the same value as the vessels, making it a majority shareholder in the business following the completion of the restructuring. Shareholders in Torm will retain less than 1% of the enlarged share capital post restructuring.