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Noteholders issue direct demand to Rickmers Maritime

They want cash now, saying they are not convinced the MTN restructuring proposal is equitable and transparent

Published Sun, Oct 9, 2016 · 09:50 PM

Singapore

THE trustee-manager of Rickmers Maritime Trust is expected to receive on Monday a "notice of acceleration" from a noteholder group demanding immediate payment of their share of the S$100 million medium-term notes (MTN) being proposed for restructuring.

The noteholder group, understood to hold over 40 per cent of the MTN, authorised its appointed legal firm Rajah & Tann to serve the notice.

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