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Rickmers gets US$24.7m from completed sale of five vessels to Navios

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The trustee-manager of Rickmers Maritime said on Thursday evening it has received US$24.7 million proceeds on completing the sale of five vessels under a master agreement signed with Navios Partners Containers Inc and Navios Partners Containers Finance Inc.

THE trustee-manager of Rickmers Maritime said on Thursday evening it has received US$24.7 million proceeds on completing the sale of five vessels under a master agreement signed with Navios Partners Containers Inc and Navios Partners Containers Finance Inc.

The five vessels were sold to Navios for a total consideration of US$59 million.

These vessels were secured under senior loan facilities extended by a BNP-led banking syndicate.

The total proceeds of US$24.7 million yielded from the sale represent an improvement over the US$20 million indicated in an announcement on May 14, the trustee-manager said. These proceeds have been placed in an escrow account for distribution to unsecured creditors, after the settlement of costs associated with the winding-up of the trust.

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In addition, a buyer-related entity has assumed the secured loan of the BNP facility and, consequently, the trust has been released from its obligations to the BNP syndicate which amounted to US$34.3 million.

Rickmers Maritime had agreed to sell its entire 14-strong fleet to Navios. The sale of the balance nine vessels remains subject to the consent by a HSH Nordbank-led syndicate, which backed the loans tied to these vessels.

The trustee-manager said it is seeking the requisite consents and release of mortgages in order to effect the sale of the remaining vessels as soon as possible.

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