SINGAPOREAN deliver owner and operator Rickmers Maritime close down its business and sold off its whole fleet after a last-ditch debt restructuring deal was rejected through its foremost creditors.
Rickmers ignored a fee of $196.7 million to its lead creditors HSH Nordbank from Germany and Singapore’s DBS Bank on March 31, and was given until April 15 to present a restructuring plan. The employer also overlooked that deadline.
The failure to present a plan in time “led to ability investors now not assisting an injection of recent fairness into (the) accept as true with because of demanding situations in obtaining consent for debt write-offs,” a assertion from the agency stated. Rickmers also missed a coupon fee to bondholders in November 2016. This, along side other breaches in mortgage agreements “has cast fabric uncertainties at the Trust’s potential to preserve as a going concern,” the announcement endured.
As a outcome, “In light of the aggravated illiquidity and shortage of new investors, the Trustee-Manager opines that it is impracticable to preserve the Trust and that it shall therefore be wound up.
“The polishing off choice is made in light of no different possible alternatives to restructure the liabilities of the Trust with the objective of delivering price on an accelerated basis to all lenders to keep away from uncertainties and dangers worried in a protracted winding up technique.
“The Trustee-Manager is in superior discussions with a potential customer for the Trust’s assets which may allow the Trust to distribute coins recoveries upfront to unsecured creditors,” the assertion concluded.
Rickmers fleet offered
The enterprise subsequently announced that Navios Maritime Partners, which owns and operates each dry bulk and container vessels, had agreed to buy Rickmers’ complete fleet of containerships for approximately $113 million.
The fleet includes 14 containerships, 11 with a ability of 4,250 20-foot equivalent devices (TEU) each, and 3 of 3,450-TEU ability. The fleet has a mean age of nine.5 years.
At the time of the sale, 5 of the larger vessels had been hired on charters at a mean charge of $26,850 in line with day, with expirations in 2018 and 2019.
Chairman and Chief Executive Officer Angeliki Frangou of Navios Partners, that’s based totally in Greece, said in a announcement, “We are pleased to announce the agreement for the purchase of 14 field vessels from Rickmers Maritime. We anticipate obtaining 5 4,250 TEU vessels on May 15.”
“Our running platform was appealing to the Trust and its lending banks due to our disciplined technical and business management and favorable working prices. This acquisition demonstrates our capacity to supply proprietary deals, and we are continuing to seek exposure to the field region,” she introduced.
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