SINGAPORE - Singapore-listed shipping trust Rickmers Maritime, which last week announced its winding up after bondholders rejected a debt restructuring deal, said on Friday (April 21) it had found a buyer for its entire fleet of containerships for US$113 million (S$157.9 million).
Trustee manager Rickmers Trust Management said in a stock exchange filing that a master agreement had been signed for the conditional sale of the 14 vessels to Navios Maritime Partners, a drybulk and containership owner and operator. The vessels are currently secured under senior secured loan facilities.
Sale proceeds from its fleet sales proposed sale will be applied towards the full repayment of the senior secured loan facilities, with the remainder to be distributed to the trust's unsecured creditors and used for expenses permitted under the Business Trusts Act and the trust deed.
Rickmers also reiterated that unitholders are not expected to recover any of their investments.
Subject to the fulfillment of certain conditions, the sale of the vessels is expected to be completed on and from May 15, 2017. However, the trust manager noted that there is no certainty or assurance that the proposed sale will be completed.
"The proposed transaction meets the trust's objectives of delivering value on an accelerated basis to all creditors to avoid uncertainties and risks involved in a protracted winding up process," the trust manager added.