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BRIEF-Rickmers Maritime announces winding up due to failure to repay debts
April 12, 2017 / 4:00 AM / 8 months ago

BRIEF-Rickmers Maritime announces winding up due to failure to repay debts

April 12 (Reuters) - Rickmers Maritime:

* Trustee-manager (Rickmers Trust Management Pte. Ltd) has been unable to reach an alternative agreement with its lenders to restructure Trust’s (Rickmers Maritime) debts

* Inability to reach agreement led to failure to make US$196.7 million principal repayment to HSH syndicate due on 31 March 2017

* HSH had granted trustee-manager until 15 April to present new restructuring proposal to ensure higher level of total recoveries

* Potential investors have not supported injection of new equity into trust due to challenges in obtaining consent for debt write-offs

* “Failure to make repayments have cast material uncertainties on Trust’s ability to continue as a going concern”

* “Trustee-Manager opines that it is impracticable to continue trust and that it shall therefore be wound up”

* Expected that business operations of Trust’s vessels will remain unaffected by this process of winding up of the Trust

* Will also be submitting application to Singapore Exchange Securities for delisting of Trust and notes from official list

* “Unitholders are highly unlikely to recover any of their investments” Source text for Eikon: Further company coverage:

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