Rickmers Maritime sets 21 Dec date for crucial adjourned bondholders meeting

Financially-strapped Rickmers Maritime has set 21 December as the date for its crucial adjourned bondholders meeting.

Bondholders are due 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.

The bondholders meeting was originally scheduled for 9 November but failed to meet the required quorum. For the adjourned meeting a quorum of at least two people holding not less than 25% of the bonds is required.

Posted 09 December 2016

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Marcus Hand

Editor, Seatrade Maritime News