TORM installment deferral and covenant standstill extended to May 31

By Caroline Salls

Pittsburgh, May 11 - TORM A/S and its bank group have extended the company's deferral of installments and covenant standstill until May 31, according to a news release.

TORM said the temporary agreement is subject to the continued progress of the negotiations toward a previously announced financing framework agreement in principle.

"We have agreed a new extension of the standstill with our bank group, and the final documentation of the long-term financing plan has commenced," chief financial officer Roland M. Andersen said in the release.

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

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