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Rickmers Maritime's restructuring gets the nod
10/31/2016
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Rickmers Maritime’s restructuring gets the nod

October 31st, 2016

Rickmers Trust Management, the trustee-manager of troubled Singapore-listed Rickmers Maritime, has revealed that noteholders attending an extraordinary general meeting have voted in favour of a revised proposal for the restructuring of the company’s debt. A second resolution to propose the winding up of the trust if the note restructuring deal isn’t approved was also approved by noteholders.

The revised plan put to shareholders includes the issue 1.32bn new units as partial redemption of the S$100m 8.45% notes due in 2017.

The restructuring enables Rickmers Maritime to close a new secured amortising term loan facility of $260.2m from a HSH syndicate to refinance most of the trust’s outstanding debt. The new facility would extend the maturities of a large part of the trust’s secured bank debts to the first quarter of 2021, and include a moratorium on principal repayments under the existing facilities to the fourth quarter of 2016.

 

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