Danish shipping company TORM signed a new structuring agreement with Oaktree Capital Management and a majority of the lenders holding in aggregate 92% of TORM’s existing loan facilities by value as of 20th April.

Under the new deal, Oaktree will contribute 25 trading ships and six newbuildings to TORM in exchange for a controlling share in the company. TORM has already obtained the required minimum lender consent of 75% by value and a majority in number of the relevant classes of TORM’s lenders.