Rickmers Maritime calls EGM for note restructuring

Singapore

RICKMERS Maritime said before trading hours on Friday it is pressing on to seek unitholders' approval at an extraordinary general meeting (EGM) on Oct 31 for a debt-to-equity swap under a revised restructuring plan for S$100 million medium-term notes (MTNs) due in 2017.

The revised plan, which will see noteholders pick up 60 per cent of the proposed enlarged capital, was unveiled after an informal noteholder meeting in September.

The shipping trust, in responding to a noteholder group's demand for immediate repayment, had maintained it will not further revise the note restructuring plan. But it threw in a special coupon repayment of S$50…