Rickmers Maritime’s creditors approve sale of remaining ships to Navios

The creditors of bankrupt Rickmers Maritime have approved the sale of its remaining nine ships for a total consideration of $54m to Greece’s Navios group.

Shipping trust Rickmers Maritime announced that the HSH syndicate comprising of HSH Nordbank and DBS Bank approved the vessels sale secured under the HSH facility for $54m plus an amount to support settlement of operational cash deficits to closing.

The sales of the nine vessels are expected to be completed in parts from 12 July.

As the vessels are secured to the HSH syndicate, with total proceeds below the loan outstanding due and payable to the syndicate, the proceeds from the sale of these nine vessels will be paid in full to the syndicate as part of the settlement of the syndicate loan.

After funding cash burn, operating expenses, and the settlement of costs associated with the winding up of the trust, unsecured creditors are expected to receive total proceeds of approximately $27m.

Navios Partners Containers Inc and Navios Partners Containers Finance Inc have earlier this year bought another five vessels from Rickmers Maritime for $59m.

The parent firm of the shipping trust, Rickmers Group, had filed for insolvency in June, making it the most high profile casualty in Germany’s shipping sector, after the key lender HSH Nordbank rejected a restructuring plan.

Posted 12 July 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.

Lee Hong Liang

Asia Correspondent

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