Rickmers Maritime's noteholders meeting adjourned, quorum not met

RICKMERS Maritime Trust's meeting on Wednesday for noteholders to vote on the proposed restructuring of its S$100 million notes due 2017 did not have the required quorum.

As such, the meeting was adjourned and would have to be reconvened on Nov 23 and Dec 21, said trustee-manager Rickmers Trust Management (RTM).

There were two or more persons present at the morning meeting either in person or by proxy, representing in aggregate less than the 75 per cent threshold needed to establish a quorum, said RTM in a statement.

It also added that to help noteholders better evaluate the plan, dialogue sessions will be held in the coming weeks, in the lead up to the adjourned meeting.

"We will continue to engage noteholders, through small group meetings, with the objective of addressing their concerns more effectively.

"There are critical consequences if we are unable to come to a decision soon, as the cash levels in two of our silos are almost depleted, threatening Rickmers Maritime's ability to continue operating as a going concern," said RTM chief executive Soeren Andersen.

Trading in the counter was halted on Wednesday pending the outcome of the meeting. It resumed trading at around 2.30pm and had lost 17 per cent or 0.5 Singapore cent to 2.5 Singapore cents as at 3.18pm.