Thursday, August 31, 2017

Historic Freight Shipping Line Slips into the Past

Rickmers Wind Up Completes
Shipping News Feature
SINGAPORE – WORLDWIDE – Rickmers Trust Management has completed the process of winding up its container vessel owning arm, Rickmers Maritime, following the final payments to its unsecured creditors. With no plans for further distributions, Rickmers Maritime has been delisted from the Singapore Exchange Securities Trading since August 30, as the company and its subsidiaries cease to exist.

The final distribution to the unsecured creditors represented a recover of about 12.1% with no further payments, cash or otherwise, to the unsecured creditors, including the holders of the S$100 million 8.45% notes due this year.

Rickmers Maritime began the process of winding-up in April, after debt-restructuring talks failed last December, when moves were made to restructure the outstanding debt fell on deaf ears, leading to the failure to pay the US$196.7 million principal repayment to the main creditors HSH Syndicate (HSH Nordbank AG and DBS Bank Ltd) due on 31 March 2017. In the months since, Rickmers proceeded to liquidate its assets and sell its fleet of 14 vessels. Navios Maritime Partners bought the ships for approximately US$113 million.