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HSH Nordbank dismisses Rickmers Maritime’s latest restructuring plan

HSH Nordbank has thrown out the latest Rickmers Maritime restructuring proposal. However, the German bank, which is the largest senior lender to suspended Singapore Exchange (SGX) stock Rickmers Maritime Trust, did add a caveat of hope.

The bank has said it might agree to a “material debt forgiveness” of existing loans so long as the beleaguered trust can secure similar, substantial debt forgiveness from its noteholders and its other unsecured creditors, and raise additional equity.

This is also provided that the bank’s recovery amount would be higher than its recovery from an immediate winding-up of the trust, and that recovery of its debt will not be prejudiced by the claims of other creditors of the trust.

In all other cases, HSH Nordbank said that it would support an orderly winding-up of the trust.

The trust said in a release today it was formulating a new restructuring plan.

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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