Rickmers Maritime noteholders, unsecured creditors get 12.1% recovery as Trust winds-up

Rickmers Maritime noteholders and other unsecured creditors will receive a recovery rate of just 12.1% as the listed shipping trust is wound-up.

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.

Posted 15 August 2017

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Marcus Hand

Editor, Seatrade Maritime News

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