Rickmers Group has warned bondholders that the company will face insolvency if they do not vote in favour of financial restructuring plans.
A disgruntled individual bondholder of bankrupt Rickmers Maritime has dropped a suit aimed blocking the sale of the trust’s fleet to Navios Maritime Partners.
Germany’s Rickmers Group has failed to secure the majority support needed from bondholders to carry out a proposed restructuring, prompting the company to make a last ditch effort to invite bondholders for a vote again.
Bertram Rickmers is ready to give up 75.1% of his ownership of Rickmers Group under a proposed restructuring.
Rickmers Maritime is being wound-up after failing to agree a financial restructuring.
Beleaguered Singapore shipping trust Rickmers Maritime has until 15 April to present a revised restructuring plan to its main financier HSH Nordbank.
Rickmers Maritime auditors warn of another $360m of impairments against the value of its fleet if it liquidates as the Singapore shipping trust fights for survival.
Zeaborn Group is continuing on the expansion trail taking over Rickmers-Linie and NPC projects as the multi-purpose sector faces difficult market conditions.
Rickmers Maritime has successfully passed the first hurdle to its financial restructuring with it approved by unitholders, however, the much more difficult issue of its bondholders awaits next week.
The chief of financially-troubled shipping trust Rickmers Maritime “firmly believes’ it will be one of the container tonnage providers to survive the current market clean-out.