World News
Rickmers Bondholders Reject Debt Restructuring Proposal
Rickmers Trust Management Pte. Ltd. (RMT) bondholders rejected a major debt restructuring proposal at a December 21 meeting, Singapore media reports.
The company's trustee manager had previously said that if bondholders did not approve the financial restructuring package through their votes, RMT's liquidation could result.
The proposal to restructure S$100 million ($69.01 million) 8.45 percent notes - all of which are due to mature early next year - would see S$60 million ($41.41 million) of the bonds redeemed with new shares, while the remaining S$40 million ($27.6 million) in notes would have their maturity dates extended to November 2023, with interest payable on the bonds amended in process.
However, noteholders voted strongly against the proposal, with 212 votes of the total 315 votes cast voting against the decision.
The company will "prudently consider and assess alternative proposals for the restructuring of the Notes should such proposals be presented," the company's trustee manager said in a filing with the Singapore Exchange.
The company is also noted to be in discussions with a number of its senior lenders over a potential divestment of assets in order to free up working capital.
In October, Rickmers Maritime warned holders of S$100 million ($71.9 million) worth of its bonds that, should they fail to accept the company's restructuring plan, the trust could face winding up and they could be left with little or nothing.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 565.50 | 4.50 | 678.50 | 4.50 |
| Rotterdam | 512.00 | 3.50 | 676.00 | 9.00 |
| Houston | 552.00 | 3.00 | 682.00 | 4.00 |
| Fujairah | 555.50 | 7.50 | 753.00 | 1.50 |
| Global 20 Ports Average | 583.50 | 4.00 | 762.50 | 2.50 |
| Global 4 Ports Average | 546.50 | 4.50 | 697.50 | 2.50 |
| Global Average Bunker Price | 632.50 | 2.00 | 811.00 | 1.50 |
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