And the private equity giant will be looking to appoint new directors after completing the ship for shares deal, with chairman Flemming Ipsen and three colleagues standing down today.
In documents released Tuesday in connection with an extraordinary general meeting, Torm said it will emerge from the restructuring with a net asset value of around $824m.
Oaktree will be issued with shares with a net asset value of $511m, Ipsen told investors today.
