World News
Rickmers Holding Filing for Insolvency
Rickmers Holding AG (Rickmers Holding) has announced that it has been forced to file for insolvency "without undue delay" after the board of HSH Nordbank AG "surprisingly" denied approval of the term sheet related to the financial restructuring of the Rickmers Group (Rickmers), as well as further negotiations.
"The management board of Rickmers Holding AG strives for restructuring in self-administration, on the basis of continuation of business and vessel operations. The management board and supervisory board of Rickmers Holding AG have initiated corresponding preparations," said Rickmers Holding.
Rickmers Holding said a bondholders meeting was scheduled for Thursday, and registrations for more than €100 million ($112.17 million) of the bond nominal - approximately 37 percent of the outstanding bond nominal - have been received.
"According to the current status, a high ratio of approval of the proposed restructuring concept is apparent," said Rickmers Holding.
In April, Ship & Bunker reported that Rickmers Trust Management Pte. Ltd. (RMT), the trustee-manager of Rickmers Maritime had announced that, in light of the aggravated illiquidity and lack of new investors, Rickmers was set to be wound up and delisted.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 624.50 | 1.00 | 732.00 | 8.50 |
| Rotterdam | 571.00 | 3.00 | 758.00 | 16.50 |
| Houston | 591.50 | 4.00 | 760.00 | 5.50 |
| Fujairah | 629.00 | 0.50 | 877.50 | 3.00 |
| Global 20 Ports Average | 637.00 | 0.00 | 819.00 | 3.00 |
| Global 4 Ports Average | 604.00 | 0.00 | 782.00 | 5.50 |
| Global Average Bunker Price | 688.00 | 2.50 | 879.00 | 1.00 |
Popular Now More
-
May 20The new hire had previously served as a bunker and lubricant trader for Monjasa in Cyprus. -
May 20The company believes the greater affordability in Kings Point will help it to maintain a diverse workforce, Dan-Bunkering's Jordan Felber tells Ship & Bunker. -
May 20The car carrier Apollon Highway took on the biofuel from World Fuel Services at Zeebrugge on March 31.