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Rickmers Trust creditors expect 12 cents on the dollar as last ships sold
BANKS and note holders of Rickmers Trust Management paper can expect no more than 12 cents on the dollar now that the affairs of the containership lessor have wound up.
The Bertram Rickers-controlled Singapore outfit revealed that is has completed the sales of its 14 containerships, marking the end of the company which first listed on the Singapore Exchange 10 years ago, reported Singapore's Splash 24/7.
"Containership leasing was a hot investment a decade ago, but the massive increased in ship sized left many lessors with unpopular 4,000+ TEU ships that have become hard to charter in the wake of the expansion of the Panama Canal," said Splash.
The Bertram Rickers-controlled Singapore outfit revealed that is has completed the sales of its 14 containerships, marking the end of the company which first listed on the Singapore Exchange 10 years ago, reported Singapore's Splash 24/7.
"Containership leasing was a hot investment a decade ago, but the massive increased in ship sized left many lessors with unpopular 4,000+ TEU ships that have become hard to charter in the wake of the expansion of the Panama Canal," said Splash.
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