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Rickmers Maritime laid to rest as winding up completed

Rickmers Maritime laid to rest as winding up completed
The winding-up of Singapore-listed Rickmers Maritime Trust has been completed.

The spin off of now insolvent German shipowner Rickmers Group ran into trouble last year when bondholders rejected a proposed financial restructuring on which the trust’s refinancing was dependent.

In a statement to the Singapore Exchange Rickmers Trust Management said the final distribution to unsecured creditors, equivalent to 12.1% recovery, had been made.

“The winding up of the trust has been completed and consequently, the units of the trust and the notes shall cease to exist,” Rickmers Trust Management said. The notes will be delisted on Wednesday.

The bankrupt trust sold its fleet of 14 containerships to Navios Partners Containers for $113m.

The listed shipping trust model was launched in 2006 by Singapore as an alternative to Germany’s KG funds. Of the three trust listed only one is still trading – First Ship Lease. Pacific International Line’s Pacific Shipping Trust was taken private in 2011.

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