Meldgaard, CEO of the Danish shipowner, is also calm about lenders behind one facility calling for five ships to be sold as part of today’s workout solution.
Speaking to TradeWinds he says having 14 banks sharing a 72.7% slice of the company give it “a solid shareholder base”.
“I cannot imagine a stronger owning group in today’s environment,” he said.
As TradeWinds reported this morning Torm ended three years of financial uncertainty by striking a pact with lenders and charterers which saw existing shareholders left with just 10% of the stock.
While a loan holiday and fresh covenants have been agreed, lenders on three facilities have the right to call for the sale of up to 22 vessels by early next year.
Banks controlling one of the facilities have already made the call for five ships to be sold off.
Meldgaard says the decision is “no drama”, reasoning Torm has time to complete that process.
He adds Torm hopes to keep an association with the vessels, if a new financial owner can be found.
Speaking generally about Torm finally securing a restructuring deal, Meldgaard said: “I’m impressed and proud we as an organization have been able to achieve this in such challenging circumstances.
“This is a happy occasion. I’m happy and proud we have got an agreement in place which creates certainty around Torm.”
Some have voiced surprise that Torm revealed it had drafted chapter 11 papers as a contingency.
Meldgaard says anybody who was shocked by the admission today did not fully understand the severity of the situation, adding it was prudent to be prepared for every outcome.
