Rickmers bank willing to forgive 'material' amount of debt

Singapore

HSH Nordbank AG, the largest senior lender to Rickmers Maritime Trust, said on Monday morning that it is willing to consider a "material debt forgiveness" of loans it has extended to the embattled shipping trust.

But a number of conditions need to be fulfilled before this can happen.

The trust needs to be able to secure similar, substantial debt forgiveness from its noteholders and its other unsecured creditors. It needs to raise additional equity.

And the bank's recovery amount from its debt must be higher than its recovery f…