Thommessen has assisted key creditors and others in connection with the restructuring of Eitzen Chemical.

850 million dollars worth of bank and bond debt have been converted into equity. The former creditors now own 98 percent of the shares in the company. Eitzen Chemical has also entered into new loan agreements, and an extensive reorganisation process of the corporation has been initiated. The reorganisation entails reflagging of ships and relocating parts of the business to Bermuda. Eitzen Chemical is also changing its name to Team Tankers International Ltd.