Rickmers Maritime investor seeks injunction to stop fleet sale to Navios

Rickmers Maritime investor seeks injunction to stop fleet sale to Navios

Rickmers Maritime has revealed that on Friday it was served with a summons from individual noteholder Mr. Kwok Kian Tow Peter, who holds S$250,000 worth of Rickmer’s S$100m 8.45% notes, seeking an injunction to stop the sale of the Rickmers fleet to Greek owner Navios.

Rickmers announced the deal with Navios last month, which will see its entire fleet of 14 vessels sold for $113m.

According to Rickmers, the noteholder has not previously communicated with the trust and the trust is of the view the “injunction application is wrongful and seriously jeopardises the unsecured creditors’ partial recovery of their investment.”

Rickmers insists the sale needs to be pushed through as soon as possible to avoid liens and vessel arrests which it says would be highly damaging to both secured and unsecured parties.

The hearing is fixed for the morning of May 15.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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