Rickmers Trust Management, the trustee-manager of Rickmers Maritime, says it is unable to pay an interest payment of S$4.26m ($3m) due on its S$100m 8.45% notes.
Non-payment will put Rickmers in default and the company says this will affect its ability to continue as a growing concern.
The company is in the middle of negotiations to restructure the notes, having passed the plan through unit holders but falling short of getting the approval noteholders who failed to show up in large enough numbers to pass a resolution.
Rickmers has now suspended its shares until the matter is resolved, and is looking to reschedule the noteholders meeting over the coming weeks.
Approval of the restructuring of debt will help unlock financing for Rickmers, who will wind up the company if unsuccessful.