Senior lender gives Rickmers until April 15 to present debt restructuring proposal

SINGAPORE - The trustee-manager of Rickmers Maritime said on Tuesday (March 21) 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 this year. 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.