RESTRUCTURING

摘要

Danish shipping firm torm has pushed out debt repayments on its US$1.7bn debt pile as it continues negotiations with lenders about a new cash injection. Reporting its 2013 results this week, the company announced that it had agreed to amend its existing loan agreements and postpone the minimum amortisation amounts of US$30m and US$11m due in September and December 2014 respectively. Following these amendments, Torm says it expects to stay in compliance with its financial covenants for 2014. The company's debt pile is split into a senior debt facility of US$913m, a junior debt facility of US$452m and a subordinated debt facility of US$363m. Torm has deferred repayments on this debt a number of times following a financial restructuring in 2012 in which it was taken over by lenders. Since then banks have already sold or are looking to sell out of the credit, said one London-based restructuring adviser, and Torm is now seeking to raise cash from these new investors.