Hamburg-based Rickmers Group, which filed for insolvency in June 2017, has received a nod to continue its business after Zeaborn Group and Bertram Rickmers bought its global ship management activities.
A consortium comprising the two companies signed a purchase agreement regarding the takeover of the Rickmers Group’s activities, with its main sites in Hamburg, Singapore and Cyprus, after winning the bidding process.
“It has only taken a few months after preliminary self-administration of the assets of Rickmers Holding AG was ordered to find a solution for continuing the business,” Rickmers said, without unveiling the agreed transaction price.
The creditors’ committee of Rickmers Holding AG has already approved the transaction, and the completion is subject to approval by the German Federal Cartel Office.
As part of an overall solution, it is intended that the consortium also takes over the remaining business units of the Rickmers Group via an insolvency plan.
Since it filed for insolvency on June 1, the group’s ship and business operations have been continued in self-administration on a stable basis. On September 5, 2017 the Hamburg Local Court followed the company’s motion and opened insolvency proceedings against the assets of Rickmers Holding AG and ordered self-administration.