Rickmers Trust Management announced that it had completed the sale of all 14 vessels owned by the trust to Navios Partners Containers. All proceeds from the $59m sale of nine vessels financed by the trust HSH Syndicate will to the syndicate as part of its settlement.
This leaves $28.9m to unsecured creditors who receive a recovery rate of 12.1%. The trust’s SGD100m noteholders that were engaged in a lengthy battle over restructuring, rejecting a proposal late last year effectively signing its death warrant, will receive $10m (SGD13.5m), while HSH Nordbank will receive $17.7m, and Commerzbank $1.2m.
The trust filed to wound-up in April failed to reach agreement on a new restructuring proposal with creditors and new investors, following noteholders rejection of its previous proposed restructuring in December 2016.
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