You are here
Rickmers has until April 15 to give bankers a plan
HSH Nordbank, the largest senior lender to Rickmers Maritime Trust, has given the trust until April 15 to present a plan to restructure its debt.
The plan has to ensure "a higher level of total recoveries than under a trust winding-up scenario", trustee-manager Rickmers Trust Management said in an update to the Singapore Exchange (SGX).
Rickmers is trying to restructure its S$100 million of unsecured medium term notes maturing in May 2017, along with its US$270.8 million worth of secured bank debt, of which HSH Nordbank is the lead bank behind the bulk of it.
HSH Nordbank is in active discussions with the trust, and has said it was willing to consider a material forgiveness of its debt, provided certain preconditions are in place.