Rickmers Maritime wound up; bonds to be delisted on Aug 30

Failed container shipping trust Rickmers Maritime has been wound up and its outstanding bonds will be delisted from the Singapore bourse on Aug 30 at 9am.
Failed container shipping trust Rickmers Maritime has been wound up and its outstanding bonds will be delisted from the Singapore bourse on Aug 30 at 9am. PHOTO: ST FILE

SINGAPORE - Failed container shipping trust Rickmers Maritime has been wound up and its outstanding bonds will be delisted from the Singapore bourse on Aug 30 at 9am.

The trust has made final distributions to unsecured creditors, representing a recovery of about 12.1 per cent.

There will be no further distributions or payments , cash or otherwise, to the unsecured creditors of the trust, including the holders of the S$100 million 8.45 per cent notes due 2017, the trustee-manager said in an exchange filing on Tuesday (Aug 29).

The outstanding amount due on the notes has been paid to the notes trustee, DB International Trust (Singapore).

This was the final payment to bondholders before the trust wound up on Aug 16.

The notes trustee will be making arrangements with The Central Depository to credit the relevant distribution amount to each bondholder.

A number of other Singapore-listed offshore and marine services groups have been hit hard by the slump in oil prices and huge cutbacks in spending by oil companies.

Swiber Holdings is under judicial management, Ezra Holdings filed for bankruptcy protection in the US and Nam Cheong is restructuring its debt.