There’s just one more throw of the dice for beleagured Rickmers Group after bondholders failed to come out in force to support its restructuring plan. Just 17.37% of bondholders voted in the quorum on its resturcturing and even though most were in favour, it failed to meet the minimum 25% required to action the plan.
The German shipping company will now hold one more vote, which it has scheduled for June 1. Rickmers stressed that this would be the last bondholders’ vote.
“If this quorum is not achieved or the bondholders do not approve the proposed restructuring plan by a qualified majority (75% of voting rights present) the reorganisation would likely fail and the positive continuation forecast of Rickmers Holding AG would likely no longer apply,” Rickmers said.
Among the various parts of the restructuring plan, Bertram Rickmers (pictured), the company’s current sole shareholder, has said he is willing to pare back his stake to just 24.9%.