Rickmers Maritime Trust

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(14-05-2017, 07:02 PM)CY09 Wrote: http://splash247.com/rickmers-maritime-i...le-navios/

Quite a good move by a noteholder to stop the sale. IMO, rickmers fleet had been sold too cheap. Transacting the fleet for close to scrap value was a steal

A Sad Day for Bond Holders, Unit Holders & Share Holders. Usually these 3 groups of Investors leave the running of the business to the Company's Management.

When a Company's Management screwed up the business, the 3 groups of passive people suffer.

I hope that more of the "Jerry Lows & the Activists" appear in the market to force the Authorities to work cooperatively to wake up the management of Listed Companies.
The five 4,250 TEU vessels are employed on charters with a net daily charter rate of $26,850. The charters expire in 2018 and early 2019 and the vessels are expected to generate approximately $45.0 million of EBITDA during the period of the charters, assuming expenses approximating current operating costs and 360 revenue days per year.

Navios Maritime Partners L.P. Acquires Five 4,250 TEU Container Vessels from Rickmers Maritime Trust Pte for $59.0 Million
You can find more of my postings in http://investideas.net/forum/
Seems like unsecured lenders are still going to get back 11cents for every dollar


Rickmers Trust Management Pte. Ltd., in its capacity as trustee-manager (the “Trustee-Manager”) of Rickmers Maritime (the “Trust”) refers to the announcements dated 21 April 2017, 14 May 2017 and 25 May 2017 in relation to the proposed sale of 14 vessels owned by the Trust to Navios Partners Containers Inc. and Navios Partners Containers Finance Inc. (collectively “Navios”) pursuant to the winding up of the Trust and the completion of the sale of five vessels previously secured under the BNP Facility.

The Trustee-Manager wishes to announce that the HSH syndicate (comprising HSH Nordbank AG and DBS Bank Ltd) has approved the sale of the remaining nine vessels secured under the HSH Facility, for a total consideration of US$54 million plus an amount to support settlement of operational cash deficits to closing. The sales of these nine vessels are expected to be completed in parts from 12 July 2017. As the vessels are secured to the HSH syndicate, with total proceeds below the loan outstanding due and payable to the HSH syndicate, the proceeds from the sale of these nine vessels will be paid in full to the HSH syndicate as part settlement of the HSH syndicate loan. After funding cash burn, operating expenses, and the settlement of costs associated with the winding up of the Trust, unsecured creditors are expected to receive total proceeds of approximately US$27 million. This represents recovery of 11.4% pari passu to noteholders as well as senior lenders with remaining loans outstanding after repayment from the sales of their respective secured vessels.


The above distribution represents a recovery of 12.1% pari passu to noteholders as well as senior lenders with remaining loans outstanding after repayment from the sale proceeds of their respective secured vessels. Payment of the above distribution will be made on 15 August 2017 via the respective agents and trustee. The Trustee-Manager has submitted an application to the Singapore Exchange Securities Trading Limited (“SGX-ST”) for the delisting of the S$100 million 8.45 per cent. notes due 2017 from the Official List of the SGX-ST.


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