HSH Nordbank sets April 15 as deadline for Rickmers Maritime

HSH Nordbank sets April 15 as deadline for Rickmers Maritime

Rickmers Maritime, the Singapore-based shipping trust, now has until April 15 to show lead creditor HSH Nordbank an acceptable, revised restructuring plan.

Rickmers Maritime said it was in dialogue with the bank, but no plans had yet been accepted. The new plan must show the bank that keeping the trust going has higher revenues than simply winding it up.

HSH rejected the latest restructuring proposed by Rickmers, however the German bank 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.

The trust has S$100m in notes that are set to mature in May.

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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