Embattled Rickmers Trust Management (RTM) suffered another reversal today in Singapore with noteholders today failing to agree to pass an extraordinary resolution in relation to a revised restructuring plan pertaining to the trust’s S$100m 8.45% notes due 2017. The meeting was adjourned with no decision made. Unitholders of the containership investor had earlier passed the motion.
Soeren Andersen, ceo of RTM, commented, “Noteholders may need more time to evaluate the restructuring proposal. In the meantime, we will continue to engage noteholders, through small group meetings, with the objective of addressing noteholders’ concerns more effectively. There are critical consequences if we are unable to come to a decision soon, as the cash levels in two of our silos are almost depleted, threatening Rickmers Maritime’s ability to continue operating as a going concern.”
Another EGM will be convened before December 21.