July 14, 2015

Milbank Advises New Lender Group in Complex Restructuring and Merger of TORM A/S

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Milbank, Tweed, Hadley & McCloy LLP advised the Ad Hoc Group of New Lenders, consisting of approximately 25 investment banks, investment funds and other lenders on the US$1.4 billion restructuring of TORM A/S, the listed Danish shipping company.

As part of the transaction, TORM re-capitalised its balance sheet and acquired vessels owned by affiliates of Oaktree Capital Management and TORM became one of the largest owner-operators of product tankers globally. The restructuring was implemented via an English law scheme of arrangement and made possible by certain of TORM’s lenders, including the New Lenders, agreeing to exchange their debt for equity in TORM.

The Milbank team was led by Financial Restructuring Group partners Peter Newman in London and Gerard Uzzi in New York and included lawyers from the firm’s Financial Restructuring, Transportation and Space Finance, Global Corporate, Global Securities, US and European Tax and Antitrust practice groups. Houlihan Lokey provided financial advice to the Ad Hoc Group of New Lenders. Danish law advice was provided by Plesner.