Rickmers Maritime forced to adjourn noteholders' meeting

Singapore

A noteholders' meeting seeking consent for the restructuring of S$100 million in medium-term notes on the books of Rickmers Trust Management Pte Ltd was adjourned after failing to garner the required threshold to justify a vote.

The trustee-manager of mainboard-listed Rickmers Maritime said in a media briefing on Wednesday afternoon that just eight individuals, representing about 65 per cent of the notes issued, were present at the morning meeting; they represented less than the 75 per cent threshold needed to establish a quorum.

A vote could not proceed without the quorum, providing no closure to the shipping trust's …