News:Europe

Zeaborn and Bertram Rickmers step in to rescue insolvent Rickmers Group

Bertram Rickmers and Zeaborn Group have come together to save the shipmanagement part of insolvent Rickmers Group and aims to rescue the other parts of the business.

The move sees Bertram Rickmers in a consortium with Zeaborn come back into the business, Rickmers Group, which he owned 100% prior to insolvency, winning a bidding process to takeover its shipmanagement business. The deal valued at “double digit” millions of dollars was signed on Thursday and will see the consortium taking over the Hamburg, Cyprus and Singapore-based shipmanagement business.

“It has only taken a few months after preliminary self-administration of the assets of Rickmers Holding AG was ordered to find a solution for continuing the business,” Rickmers said in a statement. 

“The bidding consortium’s aim is to expand the ship management activities and to invest in further growth.”

The deal has already been approved by the creditors committee of Rickmers Holding and is subject to the approval of Germany’s Federal Cartel Office.

“As part of an overall solution, it is intended that the consortium also takes over the remaining business units of the Rickmers Group via an insolvency plan,” the company said.

With five generations of family history, and one of Germany’s best known shipowners, Rickmers Holding filed for insolvency on 1 June.

“On 5 September 2017 the Hamburg Local Court followed the company’s motion and opened insolvency proceedings against the assets of Rickmers Holding AG and ordered self-administration,” Rickmers said.

“This means that the Executive Board remains in office during the proceedings and will continue to autonomously manage the Rickmers Group.”

Bremen-based Zeaborn was founded in 2013 and acquired Rickmers multi-purpose business Rickmers Linie in February this year.

Rickmers Group Singapore-listed shipowning arm Rickmers Maritime Trust was wound-up at the end of August after failing to agree a restructuring plan.

Posted 08 September 2017

© Copyright 2017 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Marcus Hand

Editor, Seatrade Maritime News

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