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.