Torm-Agnete

TORM A/S says it will sell four MR product tankers to entities controlled by one of its banks, Oaktree Capital Management (Oaktree) under terms set by its restructuring agreement. Oaktree will place the vessels, the TORM Alexandra, TORM Agnete, TORM Arawa, and TORM Anabel, plus two additional vessels, under TORM's commercial management in a revenue-sharing plan.

As Reuters reports, ratings agency Moody's Investors Service said a rescue deal for Danish shipping group Torm A/S was positive for its lenders' credit ratings as they managed to steer clear of substantial costs related to any closure. Torm's banks said last week they would take control of the shipping firm, extending repayments on $1.8 billion of debt and providing fresh funds to see the firm through the downturn. Moody's said on Tuesday, Oct. 9, 2012 it had expected Torm's lenders - Nordea, Danske Bank, Danish Ship Finance and SEB - could have been hit with significant costs recovering already-depreciated collateral. "The restructuring is credit positive because it avoids a wind-down," Moody's said in a statement. More at http://www.reuters.com/article/2012/10/09/moodys-torm-idUSL6E8L9M6620121009