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All Options Considered – TORM Re-groups

The market situation has not improved and TORM A/S optimistically viewing improving prospects in the future now needs to position itself to get there. To that end, it has postponed the previously announced $100 million equity rights issue, as inadequate, and “…decided to review its capital structure with the intent of establishing a more long-term financing structure.” To that end, the company is working with its banks to amend and extend its debt repayment schedule and expects to engage in a rights issue of up to $300 million as part of the comprehensive financing plan. Of course, with respect to the latter, the crucial question is whether majority shareholder, Mr. Villy Panayotides, will step up for his proportionate share. No stone will be unturned and the company intends to dig deeper into its operations to find new cost and cash improving initiatives with a cumulative impact of a minimum of $100 million over the next three years.

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Written by: | Categories: Freshly Minted, The Week in Review | December 1st, 2011 |

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