Rickmers noteholders' meeting on debt restructuring vote on Dec 21

TROUBLED container-ship operator Rickmers Maritime said on Friday its noteholders' meeting to vote on a debt restructuring plan has been rescheduled for Dec 21, 2016.

The first meeting, called in November, did not meet the quorum needed to vote on the proposed restructuring of S$100 million 8.45 per cent notes due next year.

Rickmers has proposed a swap of the S$100 million worth of notes due next May for S$40 million worth of notes due in November 2023. The rest of the principal sum would be exchanged for 60 per cent of the trust, following the issuance of 1.32 billion new units.