Rickmers Maritime Trust has been wound up with the last payments made to unsecured creditors, leaving many investors out of pocket.
Payments, representing a recovery of about 12.1% to all unsecured creditors of the trust, have been made. There will be no further distributions or payments, cash or otherwise, to the unsecured creditors of the trust, including the holders of the S$100m 8.45% notes due this year.
The notes will also be delisted from the Singapore Exchange Securities Trading from tomorrow.
Navios swooped to take the trust’s 14 boxships for $113m in the wake of its bankruptcy.
Singapore’s shipping trust schemes – launched in the middle of the last decade to much fanfare – now lie in tatters, with First Ship Lease the last one standing.