Noteholders issue direct demand to Rickmers Maritime

They want cash now, saying they are not convinced the MTN restructuring proposal is equitable and transparent

Published Sun, Oct 9, 2016 · 09:50 PM

Singapore

THE trustee-manager of Rickmers Maritime Trust is expected to receive on Monday a "notice of acceleration" from a noteholder group demanding immediate payment of their share of the S$100 million medium-term notes (MTN) being proposed for restructuring.

The noteholder group, understood to hold over 40 per cent of the MTN, authorised its appointed legal firm Rajah & Tann to serve the notice.

This is a follow-up from the first notice served in September to the notes' trustee, DB International Trust. Rickmers Maritime said on Sept 28 that it "has not received" the first notice from the notes' trustee.

Selected noteholders in the group told The Business Times after a meeting last Saturday …

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