Banks, Bondholders to Take 75 Pct Stake in Rickmers Group

Image Courtesy: Rickmers Group

Hamburg-based containership owner Rickmers Group, a subsidiary of Rickmers Holding AG, has reached an agreement with its stakeholders on the group’s financial restructuring. 

Under the restructuring plan, Bertram Rickmers, the group’s sole shareholder, would reduce his stake in Rickmers Holding AG from 100% to 24.9%.

This would enable key creditors, HSH Nordbank AG, the bondholders and possibly one further bank, to acquire a total stake of 75.1% in Rickmers Holding AG, the company said.

As contribution to the restructuring, Bertram R. C. Rickmers would pay EUR 10 million (USD 10.76 million) to relieve the group from a shipyard liability of a further USD 10 million, waive licensing fees up to the end of Q1 2021 and procure a backup loan facility of up to a further EUR 10 million for possible future liquidity requirements of Rickmers Holding AG.

What is more, a Luxembourg vehicle (LuxCo) is expected to assume all liabilities of Rickmers Holding AG under the Rickmers Bond, such as replacing Rickmers Holding AG as the debtor of the bond. The LuxCo would assume as debtor a partial amount under a loan from HSH Nordbank AG. Consequently, LuxCo is planned to acquire a 75.1% stake in Rickmers Holding AG.

According to Rickmers, the plan “enables a solvent continuation of Rickmers Holding AG at terms which … are considerably more favourable for the bondholders than an insolvency of Rickmers Holding AG would be.”

The proposed restructuring needs to be approved by the corporate bodies of creditors and the bondholders.

As of April 20, the value of Rickmers Group stands at USD 740 million, according to information provided by VesselsValue.

The group owns four Handy container newbuildings currently being constructed at Jiangsu New Yangzijiang shipyard in China. These newbuildings are worth USD 68 million.

The group’s fleet is made up of four multipurpose (MPP) vessels, two vehicle carriers and 35 container vessels ranging from Feedermax class to New Panamax.

Over the last twelve months, Rickmers Group’s fleet has declined in value by 31%, VesselsValue said.

This matches the decline of the liner business that is plagued by the oversupply of tonnage and slow demand growth.

This decline is supplemented by strong selling and demolition activity from Rickmers as ten vessels have left the fleet in the last twelve months.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
30 31 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 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >