TORM bank group extends deferral, covenant standstill until Feb. 15

By Caroline Salls

Pittsburgh, Jan. 18 - TORM A/S' bank group has agreed to extend a deferral of repayment installments and covenant standstill until Feb. 15, according to a company news release.

As previously reported, the deferral and standstill were scheduled to expire on Jan. 15.

TORM said the extension agreement is subject to the continued progress of negotiations for a financing solution.

"All banks remain committed to a swift and mutually acceptable solution," Danske Bank, Danish Ship Finance and Nordea said in a joint statement.

TORM chief financial officer Roland M. Andersen said in the release that the "negotiations are progressing well."

TORM is a Copenhagen-based carrier of refined oil products and is involved in the dry bulk market.

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