The board of beleaguered Rickmers Group says that HSH Nordbank has rejected the company’s plans for financial restructuring and also rejected further negotiations of the restructuring.
In April, Rickmers and HSH Norsbank reached an understanding on a term sheet deal regarding the restructuring that was subject to the approval of the board of HSH.
Rickmers said that it had accomplished all the agreed steps to prepare the restructuring however the decision by HSH, which it described as surprising, means the board is forced to file for insolvency without undue delay.
Rickmers is now preparing for a restructuring in self-administration, an option under the Germany Insolvency Code, on the basis of continuation of business and vessel operations.
A bondholder meeting scheduled today to vote on the proposed restructuring will now be reduced to a vote on the election of representation for bondholders.