SINGAPORE - Rickmers Maritime Trust (RMT) bondholders have rejected a key debt restructuring deal at a meeting on Wednesday (Dec 21).
Bondholders were asked to vote on a financial restructuring package which if not approved may result in RMT's liquidation, according to the trustee manager.
Rickmers proposed to restructure a S$100 million 8.45 per cent notes due to mature early next year by redeeming S$60 million of the bonds with new shares. It also wanted to extend the maturity of the remaining S$40 million of notes to November 2023 and amend the interest payable on the bonds.
But noteholders voted heavily against an extraordinay resolution for the proposed debt deal. Out of 315 votes cast, representing 78.8 per cent of the S$100m notes, 212 votes or 67.3 per cent were against the resolution, while 103 votes or 32.7 per cent were in favour.
The meeting on Wednesday was the second attempt at getting bondholders to pass the deal after a previous meeting on Nov 9 failed to reach a quorum.
Rickmers' trustee-manager said it will "prudently consider and assess alternative proposals for the restructuring of the Notes should such proposals be presented" in a filing with the Singapore Exchange. It added that it is in discussions with certain of its senior lenders in relation to a potential divestment of assets for working capital purposes.