Rickmers Maritime noteholders and other unsecured creditors will receive a recovery rate of just 12.1% as the listed shipping trust is wound-up.
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.
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.
First Ship Lease Trust (FSL Trust) has inked a new agreement to extend the bareboat charters for three oil products tankers.
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.
First Ship Lease Trust (FSL Trust) has sank into the red for 2016 as the shipping trust took a $44.14m impairment loss on eight ships.
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.