The winding-up of Singapore-listed Rickmers Maritime Trust has been completed.

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.

Navios Maritime Holdings is set to takeover Singapore-listed First Ship Lease Trust (FSL Trust).

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.

First Ship Lease Trust’s (FSL Trust) auditors Moore Stephens have flagged going concern issues in relation to its 2016 financial statements.

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.

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