Common Contracts
1 similar Temporary Agreement contracts
TORM reach temporary agreement with its bank groupTemporary Agreement • December 5th, 2011
As stated in announcement no. 19 dated 17 November 2011, TORM is as part of a long-term comprehensive financing solution in negotiations with its banks regarding an extension of the Company’s repayment schedule for ship financing. During these negotiations, TORM and the Company’s bank group have agreed on a temporary deferral of instalments and covenant standstill. The agreement will initially be valid until 15 January 2012, but may be prolonged. “The banks are committed to work constructively with the Company to reach a solution, and a Co- ordinating Committee has been appointed to represent the lenders," say Danske Bank, Danish Ship Finance and Nordea in a joint statement. “It is very positive that our lending banks support a swift and coordinated negotiation process. This agreement provides the short-term flexibility that will enable a long-term sustainable solution,” says CFO Roland M. Andersen. Contact TORM A/SJacob Meldgaard, CEO, tel.: +45 3917 9200Roland M. Andersen, CFO, tel.
