Rickmers Maritime gets nod to sell remaining nine vessels for US$54m

THE trustee-manager of Rickmers Maritime said on Tuesday the HSH Nordbank-led syndicate has given the nod for the sale of the remaining nine vessels for some US$54 million to Navios Partners Containers Inc and Navios Partners Containers Finance Inc.

The total consideration will also include an amount to support settlement of operational cash deficits to closing, said Rickmers Trust Management in an update on the winding up of Rickmers Maritime.

The sale of the nine vessels is expected to be completed in parts from July 12.

The vessels are secured to the HSH syndicate and as the total proceeds from the sale fall below the loan outstanding due and payable, the proceeds will be paid in full to the syndicate as part settlement of the loan.

After funding cash burn, operating expenses, and the settlement of costs associated with the winding up of the trust, unsecured creditors are expected to receive total proceeds of some US$27 million.

This represents a recovery of 11.4 per cent pari passu to noteholders as well as senior lenders with remaining loans outstanding after repayment from the sales of their respective secured vessels.