Rickmers unitholders pave way for debt deal; trust posts quarterly loss

Singapore

UNITHOLDERS of Rickmers Maritime Trust on Monday agreed to pursue a debt restructuring deal or to liquidate if unsuccessful, just before the containership owner announced a fourth straight loss-making quarter.

At an extraordinary general meeting on Monday, unitholders approved a resolution to issue 1.3 billion new units, or 1.5 times the existing number of units, as part of a proposal to restructure S$100 million of bonds. Unitholders also gave trust manager Rickmers Trust Management the green light to liquidate the trust if the restructuring is unsuccessful.