Not good.
Rickmers misses interest payment, suspends shares
Array
(
[0] => WP_Term Object
(
[term_id] => 80
[name] => Asia
[slug] => asia
[term_group] => 0
[term_taxonomy_id] => 80
[taxonomy] => category
[description] => This is the Splash 24/7 news archive related to the Asian Region. News are sorted by release date, from the latest to the oldest.
Find here the updated list of the latest news about Asia. Browse Splash 24/7 for more maritime and shipping news.
[parent] => 55
[count] => 5604
[filter] => raw
[object_id] => 58893
[cat_ID] => 80
[category_count] => 5604
[category_description] => This is the Splash 24/7 news archive related to the Asian Region. News are sorted by release date, from the latest to the oldest.
Find here the updated list of the latest news about Asia. Browse Splash 24/7 for more maritime and shipping news.
[cat_name] => Asia
[category_nicename] => asia
[category_parent] => 55
)
[1] => WP_Term Object
(
[term_id] => 56
[name] => Containers
[slug] => containers
[term_group] => 0
[term_taxonomy_id] => 56
[taxonomy] => category
[description] => This is the Splash 24/7 news archive related to containers sector coming from all over the world. They're sorted by release date, from the latest to the oldest.
Get the updated list of the latest news about containers. Browse Splash 24/7 for more maritime and shipping news.
[parent] => 54
[count] => 1004
[filter] => raw
[object_id] => 58893
[cat_ID] => 56
[category_count] => 1004
[category_description] => This is the Splash 24/7 news archive related to containers sector coming from all over the world. They're sorted by release date, from the latest to the oldest.
Get the updated list of the latest news about containers. Browse Splash 24/7 for more maritime and shipping news.
[cat_name] => Containers
[category_nicename] => containers
[category_parent] => 54
)
)
Rickmers Trust Management, the trustee-manager of Rickmers Maritime, says it is unable to pay an interest payment of S$4.26m ($3m) due on its S$100m 8.45% notes.
Non-payment will put Rickmers in default and the company says this will affect its ability to continue as a growing concern.
The company is in the middle of negotiations to restructure the notes, having
passed the plan through unit holders but falling short of getting the approval noteholders who failed to show up in large enough numbers to pass a resolution.
Rickmers has now suspended its shares until the matter is resolved, and is looking to reschedule the noteholders meeting over the coming weeks.
Approval of the restructuring of debt will help unlock financing for Rickmers, who will wind up the company if unsuccessful.
No comments:
Post a Comment