Torm warning: Danish tanker firm issues further debt mayday
Beleaguered Danish shipping firm Torm will breach its covenants again if the difficult tanker and bulk market conditions of 2012 drag on, it has announced. Having completed a substantial debt restructuring last November, it said it might have to do another one.
Freight rate levels in the product tanker market increased in the fourth quarter of 2012, Torm said, and if these improved conditions continue for a number of years, then the company will be able to meet its new financial covenants and be able to service its debt.
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