Rickmers announces $28.9 million distribution to unsecured creditors

By Caroline Salls

Pittsburgh, Aug. 15 – Rickmers Trust Management Pte. Ltd., trustee-manager of Rickmers Maritime announced that unsecured creditors of the trust would receive a total distribution of $28.9 million on Aug. 15.

According to a news release, the review of the trust’s final distribution statement was completed by PricewaterhouseCoopers LLP, Singapore and accepted and approved by the company’s board of directors on Tuesday.

Rickmers said the distribution represents a recovery of 12.1% to noteholders as well as senior lenders with remaining loans outstanding after repayment from the sale proceeds of their respective secured vessels.

The company said the sale of all 14 of the vessels owned by the trust to Navios Partners Containers Inc. and Navios Partners Containers Finance Inc. in connection with the winding up of the trust was completed with the Aug. 3 sale of nine vessels secured under the senior loan facilities extended by HSH Nordbank AG and DBS Bank Ltd. for a total consideration of $59 million.

Net proceeds from the sale of these nine vessels were paid to the HSH syndicate in partial settlement of the HSH facility.

In addition, the trustee-manager said it submitted an application to the Singapore Exchange Securities Trading Ltd. for the delisting of the S$100 million 8.45% notes due 2017 from the Official List of the SGX-ST.

Based in Singapore, Rickmers Maritime is a container ship operator and charterer. Its trustee-manager is Rickmers Trust Management Pte. Ltd.

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