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.

Posted 29 August 2017

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Marcus Hand

Author Bio ▼

Editor, Seatrade Maritime News Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with nearly two decades of experience covering the shipping industry in Asia. In addition to running Seatrade's maritime and offshore news website based from Singapore he is the Asia Editor of Seatrade Maritime Review. Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Prior to joining Seatrade at the beginning of 2010 Marcus worked for shipping industry journal Lloyd's List for a decade and previous to that the Singapore Business Times covering shipping and aviation.

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