COPENHAGEN, March 1 (Reuters) - The Copenhagen stock exchange has moved shares in indebted shipping company Torm A/S to the bourse’s observation list due to uncertainty about the company’s future.
“Torm A/S has been transferred to the observation list as the company’s auditors express insecurity as to the company’s ability to remain a going concern at least until 31 December 2012,” the stock exchange said in a statement.
The bourse’s move came after Torm reported deepening 2011 losses and said it had not yet reached a deal with its banks on a financing solution for $1.87 billion in debt which is payable upon demand.
The company also said independent auditors issued a disclaimer in their opinion of the accounts. (Reporting by John Acher)