Jacob Meldgaard and his fellow Torm executives have been leading a double life for almost half a decade. Their day job has involved running a vast fleet of products tankers amid heavy scrutiny from investors and creditors. In the background, a major restructuring effort has bubbled away. A first round in 2012 saw banks take majority ownership, ensuring cash was available to operate, before private-equity powerhouse Oaktree Capital Management stepped forward to become its majority shareholder this summer.