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Rickmers Maritime (RIMT.SI)

RIMT.SI on Stock Exchange of Singapore

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Latest Key Developments (Source: Significant Developments)

Rickmers Maritime updates on restructuring of the notes
Monday, 20 Mar 2017 10:23pm EDT 

Rickmers Maritime: S$100 Million 8.45 Per Cent. Notes Due 2017 - update on the restructuring of the notes . HSH has granted trust until 15th april 2017 to present a concept that ensures a higher level of total recoveries than under a trust winding-up scenario. .HSH has not accepted any specific proposal from trust for debt forgiveness or any other terms.  Full Article

Rickmers Trust Management updates on announcement regarding restructure of notes
Thursday, 16 Mar 2017 08:09am EDT 

Rickmers Trust Management Pte Ltd : S$100 Million 8.45 Per Cent. Notes Due 2017 - Update On The Restructuring Of The Notes . HSH did not comment or refute contents of draft announcement . Refers to announcement containing update on restructuring of notes and media report titled "Rickmers Maritime noteholders willing to hear out senior lenders" . HSH has, subject to further internal approvals, accepted a proposal from trust . Clarifies that based on its discussions with Hsh Nordbank Ag a draft announcement was submitted to HSH for their comments prior to publication of announcement on 13 March . HSH will grant material debt forgiveness of existing loans that it has extended to trust .HSH will grant material debt forgiveness of existing loans if trust is able to secure similar, substantial debt forgiveness from noteholders.  Full Article

Rickmers Maritime updates on restructuring of notes
Sunday, 12 Mar 2017 10:35pm EDT 

Rickmers Maritime : Trustee-manager held discussions on 7 March 2017 with HSH Nordbank . Discussions to ascertain whether Ferrier Hodgson, senior lender's financial adviser secured a credible alternative restructuring proposal . Senior lender informed trustee-manager financial adviser's proposed restructuring proposal for restructuring of notes not acceptable . Expects that restructuring of notes is likely to be further delayed . Trustee-manager is currently in discussions with its advisers to formulate a new framework for restructuring liabilities of trust . Trustee-manager is of view that there is still basis for trust to continue .No further discussions between senior lender and its financial adviser are currently ongoing in relation to any restructuring proposal.  Full Article

Rickmers Maritime updates on restructuring of notes
Wednesday, 8 Feb 2017 04:41am EST 

Rickmers Maritime : Update on restructuring of notes . Trust intends to make voluntary prepayments in an aggregate amount of US$10.4 million towards senior loan facilities . Trustee-manager continues to be in discussions with its senior lenders in relation to a potential divestment of assets . Rationale for voluntary prepayments is to deleverage trust & save interest costs by utilising cash not available to trust for other purposes . Presently, there are no material developments of certainty that may have "significant" impact on financial position & cash flow of trust ."There is basis for the trust to continue and the trust should not be wound up in accordance with its trust deed at this time".  Full Article

Rickmers Maritime enters into MOU for sale of "Kaethe C. Rickmers" vessel
Wednesday, 25 Jan 2017 08:56pm EST 

Rickmers Maritime : Entered into a memorandum of agreement for sale of "kaethe c. rickmers" vessel . Deal for sale of vessel securing senior loan facilities extended by hsh nordbank ag and dbs bank to trust . Rickmers maritime will recognise an impairment loss of approximately US$31.6 million for sale in q4 of 2016 .Rickmers maritime-net proceeds will be used for payment of operating costs of secured vessels under hsh facility and partial prepayment of hsh facility.  Full Article

Rickmers announces completion of sale of India Rickmers vessel
Friday, 23 Dec 2016 03:41am EST 

Rickmers Maritime : debt settlement and sale of vessel . refers to announcement dated 9 december 2016 relating to sale of "india rickmers" vessel .trustee-manager wishes to announce that sale of "india rickmers" vessel has been completed today.  Full Article

Rickmers Trust Management entered into deed of consent with Commerzbank AG
Friday, 9 Dec 2016 06:18am EST 

Rickmers Trust Management Pte. Ltd. : Has entered into a deed of consent with Commerzbank AG, Singapore Branch . Trustee-Manager has entered into a memorandum of agreement for sale of "India Rickmers" vessel securing CMB facility . Deed in relation to a settlement of senior loan facilities extended by CMB to a subsidiary of trust . CMB has agreed to waive repayment of a material portion of remaining debt owed under CMB facility following partial prepayment . "sale is not expected to lead to material loss in q4 of 2016" .Net proceeds from sale will be applied towards partial prepayment of cmb facility.  Full Article

Rickmers Maritime responds to reports on sale of vessel
Friday, 25 Nov 2016 02:02am EST 

Rickmers Maritime : Refers to various media reports reporting on sale of one of trust's vessels, known as India Rickmers . Trustee-manager is in negotiations with one of trust's senior lenders . Negotiations in relation to potential debt settlement agreement are ongoing and no sale of vessel has been concluded .In connection with potential debt settlement agreement, trust is considering, amongst other things, sale of vessel.  Full Article

Rickmers Maritime says grace period to make interest payment of S$4.26 mln notes lapsed
Tuesday, 22 Nov 2016 05:13am EST 

Rickmers Maritime : Grace period of 5 business days from 15 November 2016 for trustee-manager to make interest payment of S$4.26 million due on interest payment date occurring on 15 November 2016 under notes has lapsed . S$100 million 8.45 per cent. notes due 2017 - non-payment of interest and trading suspension . Trustee-manager continues to be in discussions with its senior lenders to obtain standstills and/or waivers in respect of its obligations under existing senior loan facilities . Trading suspension of units of trust and of notes requested by trustee-manager is expected to continue until going concern issue has been resolved . Trading suspension of units of Trust and of notes requested by trustee-manager on 15 Nov 2016 is expected to continue until going concern issue has been resolved .Event of default has occurred which is likely to affect trust's ability to continue as a going concern.  Full Article

Rickmers Maritime adjourns noteholders' meeting
Wednesday, 9 Nov 2016 01:12am EST 

Rickmers Maritime : RTM has also announced that they will hold dialogue meetings with noteholders in coming weeks, in lead up to adjourned meeting . Rickmers Maritime adjourns noteholders' meeting due to lack of quorum . Adjourns meeting , which was convened to pass resolution on revised restructuring plan related to trust's S$100 million 8.45% notes due 2017 .In event that proposed restructuring is not approved by noteholders, co is likely to cease operating as a going concern.  Full Article

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