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TORM A/S Message Board

  • h5n1eric h5n1eric Apr 2, 2012 3:15 AM Flag

    Torm faces restructuring? >

    Can't find any news on it (on Google), but I was watching TV...and I think it said that the talks broke down (with creditors)/ saw it on the screen...and so TORM may face restructuring....and who knows what that means...i.e. for shareholders.

    So, you might try to check out more news items, later...But I'd probably hold off on getting any (more) shares until you can check it out...

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    • well...found this > April 2 / Copenhagen

      (Reuters) - The future of indebted Danish shipping company Torm A/S looks set to be determined by its banks after talks over a capital injection collapsed on Friday, the Financial Times said.

      The three most exposed banks Danske Bank, Danish Ship Finance and Nordea are likely to seek a restructuring that avoids the time and expense of a bankruptcy procedure, the Financial Times said.

      A Torm spokesman told Reuters he was not aware that talks had collapsed on Friday.

      Indebted Torm said last week it was in talks with two international groups of investors on an injection of between $100 million and $200 million in capital as a lifeline to help it avoid bankruptcy.

      (and well...generally a restructuring cuts out the, that's why I only bet 1% !...I really felt, from what the CEO had said earlier, that something was going to get done in those talks...cie la vie.)

      • 1 Reply to h5n1eric
      • but...???? > within that article was this :

        "A Torm spokesman told Reuters he was not aware that talks had collapsed on Friday...." so, either the spokeman was told not to say anything...or he's the last to know...or...or, maybe the talks have not failed...>>>

        But since I just saw it printed on the screen, early Monday morning, Apr 2nd (CNBC or Bloomberg?), I'd sort of assume those talks did break down...i.e. the TV guys surely would have checked it out before putting it on the screen, I'd imagine...So, for now, I'll assume we're gonna be SOL....