The meeting adjourned from 9 November due to a lack of quorum will see vote on a controversial financial restructuring package which Rickmers Trust Management says may result in the trust’s liquidation if not approved.
The proposed restructuring on the SGD100m notes would see partial redemption of SGD60m of the issue by way of an equity swap for 60% of the units in an enlarged trust. While the maturity date of the remaining SGD40m in bonds will be moved to November 2023 from May next year.
Rickmers Maritime has been with a faced with a group of bondholders calling for immediate redemption of the notes due in 2017.
While the previous meeting required a quorum representing 75% of bondholders, the 21 December meeting requires just a 25% level of two or more noteholders.