Torm is moving ahead with filing its scheme of arrangement to restructure its business despite not getting 100% approval from its lenders to date.

Torm said that as of 12 May 94% of its lenders had approved the restructuring agreement that it signed with Oaktree Capital.

The company said it was seeking support of all its lenders, however, that in case this did not happen it had filed an application for the scheme of arrangement with the High Court in London.

The scheme of arrangement can go ahead as long as it has 75% support from lenders who attend and vote at scheme meetings.