Rickmers Maritime Finally Wound Up
Rickmers Trust Management, a trustee-manager of Rickmers Maritime, informed that the trust has been wound up.
As the winding up of the trust has been completed, the units of the trust and the notes will no longer exist.
Accordingly, the notes will also be delisted from the Singapore Exchange Securities Trading Limited (SGXST) with effect from 9:00 a.m. on August 30, 2017.
The final distribution to the unsecured creditors of the trust was completed on August 15, 2017. The equivalent payments, representing a recovery of about 12.1% to all unsecured creditors of the trust, have been made.
There will be no further distributions or payments, cash or otherwise, to the unsecured creditors of the trust, including the holders of the SGD 100 million 8.45 percent notes due 2017. The outstanding amount due on the notes has been paid to the notes trustee, DB International Trust (Singapore) Pte Limited. This represents the final payment on the outstanding notes to the notes holders and the trust has been wound up as of August 16, 2017, Rickmers said.
The notes trustee will be making arrangements with CDP to credit the relevant distribution amount to each note holder based on the records of CDP.
In April this year, Rickmers Trust Management submitted an application to the SGXST for the delisting approval. The company was forced to delist due to its inability to make a reasonable exit offer to unitholders. Further reasons included no prospects of a corporate rescue and the failed restructuring attempts.