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.