Rickmers Maritime says no AGM to save cash for creditors

THE trustee-manager of Rickmers Maritime announced the decision against convening an annual general meeting (AGM) in favour of preserving value for distribution to creditors.

The trustee-manager said that it "has kept unitholders of the trust regularly updated throughout the unsuccessful debt restructuring . . . and the winding-up processes" through announcements via the Singapore Exchange.

Unitholders were also granted the opportunity to raise queries and seek clarification in relation to the winding up of the trust at the extraordinary general meeting (EGM) held on Oct 31, 2016.

They have also approved the conditional winding up of the trust at the EGM.

Consequently, the decision was taken to "avoid incurring unnecessary costs and expenses from convening an AGM".

The trust will also not be reporting its quarterly financial results as it is being wound up, the trustee-manager said.

Rickmers Maritime is the first listed shipping trust being wound up in Singapore. This followed failed attempts by its trustee-manager to secure the backing of its noteholders to the proposed restructuring of its outstanding notes. The notes restructuring was a pre-condition for senior lenders to back the restructuring of the trust's outstanding bank facilities.