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HSH Nordbank turns down Rickmers Maritime's new restructuring plan
GERMANY's HSH Nordbank has rejected the latest restructuring proposal from Singapore-based container ship owner, Rickmers Maritime.
The bank said it would support an "orderly winding-up" of the trust unless it can secure "significant" loan "forgiveness" from its bondholders and an injection of equity to achieve a recovery that would be higher than its liquidation.
In return, the company's leading lender said it may be willing to consider a "material debt forgiveness" of existing loans, IHS Media reported.
"The trustee-manager is currently in discussion with its advisers to formulate a new framework for restructuring the liabilities of the Trust and intends to present such new restructuring proposals to its creditors and noteholders when it has been finalized," Rickmers Maritime said in a statement.
Rickmers' proposal to restructure SGD$100 million (US$70.8 million) 8.45 percent notes due to mature in May 2017 was rejected by a 67 per cent majority at a meeting of investors in December.
The bank said it would support an "orderly winding-up" of the trust unless it can secure "significant" loan "forgiveness" from its bondholders and an injection of equity to achieve a recovery that would be higher than its liquidation.
In return, the company's leading lender said it may be willing to consider a "material debt forgiveness" of existing loans, IHS Media reported.
"The trustee-manager is currently in discussion with its advisers to formulate a new framework for restructuring the liabilities of the Trust and intends to present such new restructuring proposals to its creditors and noteholders when it has been finalized," Rickmers Maritime said in a statement.
Rickmers' proposal to restructure SGD$100 million (US$70.8 million) 8.45 percent notes due to mature in May 2017 was rejected by a 67 per cent majority at a meeting of investors in December.
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