Rickmers Maritime Trust
The trustee manager of Rickmers Maritime said yesterday that Rickmers senior lender HSH Nordbank has not accepted any specific proposal from the trust for debt forgiveness or any other terms, notwithstanding active and on-going discussions.
Instead, HSH has granted Rickmers until April 15 to "present a concept that ensures a higher level of total recoveries than under a trust winding-up scenario".
Rickmers' outstanding bank debt stood at US$270.8 million (S$378.9 million) as at Dec 31.
It also has an outstanding debt of S$100 million in medium-term notes maturing in May.
Rickmers' bond holders rejected a debt restructuring proposal in December that would have been crucial for the trust to have been able to draw on a US$260.2 million facility for refinancing.
Singapore-headquartered Grab launched a trial of its ride-hailing services in Myanmar yesterday, aiming to expand to a seventh South-east Asian country, while rival Uber Technologies said it was also looking to enter the market shortly.
Grab is working with a small group of taxi drivers in a trial in Yangon, Myanmar's biggest city, and would increase in scale gradually, the company said in a statement.
Myanmar would add to Grab's operations in Singapore, Indonesia, the Philippines, Malaysia, Thailand and Vietnam. Its United States-based rival Uber operates worldwide.
Uber, in its statement yesterday, said it was pleased with the progress made towards a partnership with the Myanmar government, and "look forward to introducing our ride-sharing technology in the country".
Expansion into Myanmar comes as the authorities work to improve public transport, having for the first time introduced regular bus lines, timetables and salaries for drivers.
Singapore sovereign wealth fund GIC has sold 5.081 million shares in Sinotrans, one of the largest logistics companies in China, at an average price of HK$3.60 a share, according to a disclosure made on the Hong Kong stock exchange website.
The transaction was made last Wednesday.
GIC now owns a 4.92 per cent stake in Sinotrans, down from 5.15 per cent previously.