Maritime services provider Rickmers Holding is facing insolvency after HSH Nordbank AG denied approval to the term sheet dated April 19, 2017 and rejected further negotiations of the restructuring.
As a result, the term sheet, on the basis of which the bondholders’ meeting was convened, cannot be implemented anymore.
According to the assessment of the management board and supervisory board of Rickmers Holding AG the positive going concern prognosis of Rickmers Holding AG does therefore no longer apply and the management board of Rickmers Holding AG is forced to file for insolvency without undue delay.
The management board of Rickmers Holding AG strives for restructuring in self-administration, on the basis of continuation of business and vessel operations. The management board and supervisory board of Rickmers Holding AG have initiated corresponding preparations.
In April, Rickmers Holding reached an understanding with, inter alios, HSH Nordbank AG on a term sheet regarding the restructuring of material financial liabilities of the Rickmers Group that was subject to corporate approval of HSH Nordbank AG and contingent on the restructuring of the bond 2013/2018 issued by Rickmers Holding AG.
Rickmers Group has accomplished all agreed and required steps to prepare the restructuring, however, HSH Nordbank has still decided to reject the credit applications.
The second bondholders’ meeting, scheduled for June 1, 2017, will now resolve exclusively on the election of the joint representative of the bondholders, the company said.