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.

Financially strapped Rickmers Maritime has improved its restructuring plan to bondholders in an offer that will significantly dilute the holdings of unitholders, following resistance from bondholders to a previous proposal.

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.

First Ship Lease Trust (FSL Trust) has reported a drop in first half earnings following its disposal of two boxships and a weaker tanker shipping market.

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