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Rickmers Maritime mulls alternative restructuring plans

Rickmers Maritime mulls alternative restructuring plans
Beleaguered Singapore shipping trust Rickmers Maritime says it is evaluating two alternative restructuring plans after noteholders voted against its original plans in December.

Rickmers Trust Management said it had been it discussions with financial and legal advisors from groups of holders its SGD100m notes due in 2017.

“The Trustee-manager has discussed a preliminary framework for an alternative proposal from Ferrier Hodgson, the financial adviser representing a group of noteholders, and is presently seeking clarification on such proposal,” it said in a statement the Singapore Exchange.

“The Trustee-manager has also received an alternative proposal from Rajah & Tann Singapore LLP, the legal adviser representing a separate group of noteholders, and has provided its comments to such legal adviser in relation to the proposal,” it added.

The trust said it would update unitholders and noteholders if there were any further developments. Given the discussions the managers were of the view there was a basis for the trust to continue and it would not be wound up at this time.

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