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Rickmers Maritime’s restructuring gets the nod

Rickmers Maritime’s restructuring gets the nod

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Rickmers Trust Management, the trustee-manager of troubled Singapore-listed Rickmers Maritime, has revealed that unitholders attending an extraordinary general meeting have voted in favour of a revised proposal for the restructuring of the company’s debt. A second resolution to propose the winding up of the trust if the restructuring deal isn’t approved by noteholders was also approved by unitholders.

The revised plan put to shareholders includes the issue 1.32bn new units as partial redemption of the S$100m 8.45% notes due in 2017.

A noteholder meeting for their vote on the restructuring is scheduled for November 9.

The restructuring enables Rickmers Maritime to close a new secured amortising term loan facility of $260.2m from a HSH syndicate to refinance most of the trust’s outstanding debt. The new facility would extend the maturities of a large part of the trust’s secured bank debts to the first quarter of 2021, and include a moratorium on principal repayments under the existing facilities to the fourth quarter of 2016.

Soeren Andersen, CEO of Rickmers Trust Management, commented: “We are thankful that unitholders have supported our refinancing and restructuring plans, and hope noteholders will do so too.”

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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