Rickmers Maritime Completes Wind-up

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Rickmers Maritime announced that it has completed winding up.

In furtherance of this, according to a Singapore Exchange (SGX) filing on Tuesday by its trustee-manager, the units of the trust and its notes shall cease to exist. The notes will consequently be delisted from the SGX with effect from 9am on August 30, 2017.

The final distribution to the unsecured creditors of the trust, in accordance with the final distribution statement reviewed by Pricewaterhouse Coopers LLP, was completed on Aug 15, 2017. The equivalent payments, representing a recovery of about 12.1 per cent to all unsecured creditors of the trust, have been made, it said.

There will be no further distributions or payments, cash or otherwise, to the unsecured creditors of the trust, including the holders of the S$100 million 8.45 per cent notes due 2017.

The bankrupt trust sold its fleet of 14 containerships to Navios Partners Containers for USD 113 million.

The spin off of now insolvent German shipowner Rickmers Group ran into trouble last year when bondholders rejected a proposed financial restructuring on which the trust’s refinancing was dependent.