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Torm says reaches restructuring deal with banks

Tuesday, 2 Oct 2012 | 2:32 AM ET

COPENHAGEN, Oct 2 (Reuters) - Debt-stricken Danish shipping company Torm A/S on Tuesday said its banks and partners had thrown it a lifeline consisting of a $100 million new working capital facility and deferred instalments on its $1.8 billion of debt.

The tanker and dry-bulk operator has for months been fighting for survival in a sector slump now in its fourth year, caused by a weak global economy, oversupply of vessels and low freight rates.

(Reporting by Mette Fraende; Editing by Mark Potter)

((Copenhagen newsroom, tel: +45 33969649, e-mail: copenhagen.newsroom@thomsonreuters.com))

Keywords: TORM BANKS/