Bank Gives Rickmers Maritime Deadline for Revised Restructuring Plan

Image Courtesy: Rickmers Maritime

German HSH Nordbank has provided Singapore’s containership owner and operator Rickmers Maritime with a deadline- April 15, 2017 – to present a concept that ensures a “higher level of total recoveries” than under a winding-up scenario of the firm. 

Following discussions between the duo, HSH Nordbank has not accepted any “specific proposal” of Rickmers Maritime for debt forgiveness or any other terms, the shipping company’s trustee-manager Rickmers Trust Management (RTM) said.

Earlier this month, HSH Nordbank dismissed the debt restructuring proposal of Rickmers Maritime, which was related to the restructuring of SGD 100 million (around USD 71 million) notes due in May 2017.

Consequently, HSH Nordbank advised Rickmers Maritime to reformulate a revised restructuring proposal.

The bank indicated that it may consider a material debt forgiveness of the existing loans if RTM is able to secure similar, substantial debt forgiveness from the noteholders and its other unsecured creditors and raise additional equity.

In February, RTM said that Rickmers Maritime might be forced to wind up its business if the efforts to refinance its bank loans are unsuccessful.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2017 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

2ND ANNUAL PORTS AND TERMINALS INSURANCE SEMINAR

DETAILED GUIDANCE ON HOW THE INSURANCE MARKET IS CHANGING, HOW RISKS ARE ASSESSED AND WHAT…

read more >

9th Annual: UK Ports Conference 2017

The UK Ports Conference returns for the ninth year to provide the latest insights for the ports, shipping and maritime sectors, reviewing…

read more >

Posidonia Sea Tourism Forum 2017

The 2017 Posidonia Sea Tourism Forum will provide a unique platform to evaluate new investment opportunities and meet the leaders…

read more >

BARI-SHIP2017

At Bari-Ship you will meet not only the owners and leaders of these companies, but also the entire spectrum of managerial, operational and production staff…

read more >