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.
Beleaguered Singapore shipping trust Rickmers Maritime says it is evaluating two alternative restructuring plans after noteholders voted against its original plans in December.
First Ship Lease Trust’s (FSL Trust) ceo Alan Hatton has resigned over alleged “misconduct and breach of duties”, the trustee-manager FSL Trust Management announced.
Financially-strapped Rickmers Maritime has set 21 December as the date for its crucial adjourned bondholders meeting.
Rickmers Holding says the financial woes of Singapore-listed shipping trust Rickmers Maritime has no impact on its financing.
Rickmers Holding is distancing itself from troubled Singapore shipping trust Rickmers Maritime ahead of key unit and bondholder meetings, which are set to decide its fate.
Rickmers Maritime is proceeding to seek approval for its proposed financial restructuring despite objections from its bondholders, warning that winding-up is the other scenario.