On Monday bondholder Kwok Kian Tow Peter filed an injunction with the Singapore High Court to block the sale of Rickmers Maritime fleet of 14 boxships to Navios Partners. A hearing was originally fixed for Monday and then adjourned to Friday.
“The plaintiff has on the 17 May 2017 withdrawn his application and discontinued his court case against the trust with leave from the High Court with no order as to costs,” Rickmers Trust Management (RTM) said in a statement to the Singapore Exchange on Wednesday.
RTM had raised strong objection to the injunction which it described as “unprecedented in the history of the bond market in Singapore”.
On Wednesday RTM urged “all creditor parties to abstain from actions that may jeopardize or delay the orderly wind-up of the Trust, which could adversely impact value and timing of any recoveries”.
On 21 April this year Navios Partners announced it would buy Rickmers Maritime’s fleet of 14 containerships for $113m. The Singapore shipping trust is in the process of winding-up after failing to agree a financial restructuring with its bondholders and other creditors.