Moalem Weitemeyer Bendtsen Case awarded the Title of "Restructuring Deal of the Year 2012"

Date 15 mar. 2013

 

Each year, the leading American shipping and finance magazine, Marine Money, awards a number of transactions the title as most prominent worldwide. Marine Money has just awarded the restructuring of TORM A/S the title of “Restructuring Deal of the Year 2012”.


In connection with the restructuring of TORM A/S, Moalem Weitemeyer Bendtsen assisted the principal shareholder companies Beltest and Menfield.


The restructuring ensured the continuation of TORM A/S in spite of the company’s substantial problems in terms of cash position in continuation of the financial crisis as well as the generally negative market for maritime transport. Among other things, the restructuring lead to an enlargement of the ownership of the company, as the company’s lenders and time charter counterparties joined the circle of owners.


Marine Money puts TORM A/S’ situation in the following category:


"Yet companies, through various means, including the proverbial, kicking the can down the road, agreed restructuring or Chapter 11, have survived, are functioning and remain viable."

 

Dan Moalem, managing partner of Moalem Weitemeyer Bendtsen states:


“Restructurings of this type are amongst the most complicated transactions of our time. Owners’ interests, the company’s interest as well as lenders’ interests must form a synthesis, and everything must take place according to legal regulations in a large number of jurisdictions as well as regulations in relation to securities.”

 

Marine Money, "Resurrection - Restructuring deal of the year", February/March 2013.   www.marinemoney.com .



Read Marine Money's article on the restructuring of TORM A/S here.