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.

Singapore-listed Marco Polo Marine has suspended its shares from trading as it fails to reach agreement on refinancing and restructuring with some if its lenders.

Daewoo Shipbuilding & Marine Engineering (DSME) has narrowly averted bankruptcy after bondholders and creditors agreed to a bailout scheme following a series of meetings positively concluded over the past two days.

Wednesday 21 December is potentially do or die day for shipping trust Rickmers Maritime as it faces a crucial bondholders meeting.

Financially-strapped Rickmers Maritime has set 21 December as the date for its crucial adjourned bondholders meeting.

OSV owner Havila Shipping announced that it has failed to win support from its bondholders for a proposed restructuring, but the company has until next Monday to garner the required support to avert a potential bankruptcy.

In a continuing stand-off between Rickmers Maritime and its bondholders a meeting of noteholders to vote on its proposed financial restructuring on Wednesday was postponed due to a lack of a quorum.

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.

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