TORM extends temporary agreement with its bank group

17 January 2012

TORM and the Company’s bank group have agreed on an extension of the deferral of instalments and covenant standstill announced on 5 December 2011. The agreement is after the extension valid until 15 February 2012.

The agreement is subject to the continued progress of the negotiations towards a financing solution. “All banks remain committed to a swift and mutually acceptable solution," says Danske Bank, Danish Ship Finance and Nordea in a joint statement.

“I am satisfied that we now have an extension of the temporary bank agreement and that the negotiations are progressing well,” says CFO Roland M. Andersen.

About TORM
TORM is one of the world’s leading carriers of refined oil products as well as a significant player in the dry bulk market. The Company runs a fleet of approximately 165 modern vessels in cooperation with other respected shipping companies sharing TORM’s commitment to safety, environmental responsibility and customer service.

TORM was founded in 1889. The Company conducts business worldwide and is headquartered in Copenhagen, Denmark. TORM’s shares are listed on NASDAQ OMX Copenhagen (ticker: TORM) and on NASDAQ in New York (ticker: TRMD). For further information, please visit www.torm.com.

TORM, press release