Torm says improvement in tanker market not in near sight
COPENHAGEN, Oct 2 (Reuters) - Debt-stricken Danish shipping company Torm A/S does not see a turnaround of the struggling tanker market soon, its chairman said after announcing it had struck a long-awaited deal with its banks to secure future operations.
"If we did not believe the market would improve, we would not have spend 14 months negotiating this deal," chairman of the board N. E. Nielsen told Reuters.
"But we are not saying that a turnaround is just around the corner. One has to be realistic, and the market will likely se a long period of recovery in the market" Nielsen said.
Torm announced earlier on Tuesday its banks had thrown it a lifeline consisting of a $100 million new working capital facility and deferred instalments on its $1.8 billion of debt.
(Reporting by Ole Mikkelsen) ((Copenhagen newsroom, tel: +45 33969649, e-mail: copenhagen.newsroom@thomsonreuters.com))
Keywords: TORM BANKS/