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B1ZU - Rickmers Maritime News Story

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Last Trade - 15/11/16

Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £50.2m
Position in Universe th / 6152

Rickmers Maritime to wind up after failing to reach deal with lenders

Wed 12th April, 2017 5:36am
SINGAPORE, April 12 (Reuters) - Rickmers Maritime  RIMT.SI , 
a Singapore-listed trust that operates container ships, said it 
would be wound up after it was unable to reach an agreement with 
its lenders to restructure its debt or raise new equity. 
    Rickmers said its failure to repay some debt obligations and 
various breaches in loan covenants cast material uncertainties 
on its ability to continue as a going concern.  
    "This situation places the trust in a situation of 
aggravated and unsustainable illiquidity going forward," it said 
in a statement on Wednesday.     
    The trust had flagged the going concern risk last year. 
    Rickmers joins other Singapore-listed companies that have 
struggled with debt over the last year. In March, oilfield 
services firm Ezra Holdings Ltd  EZRA.SI  filed for U.S. Chapter 
11 bankruptcy.  urn:newsml:reuters.com:*:nL2N1GV0FA 
    Singapore banks, which were caught off-guard by the collapse 
of oilfield services company Swiber Holdings  SWBR.SI  last 
year, have taken a hit as companies in the offshore and marine 
sector restructure debt.  urn:newsml:reuters.com:*:nL4N1G05ZA 
    "In light of the aggravated illiquidity and lack of new 
investors, the trustee-manager opines that it is impracticable 
to continue the trust and that it shall therefore be wound up," 
Rickmers said.  urn:newsml:reuters.com:*:nSNZ9k2M4v 
 (Reporting by Aradhana Aravindan; Editing by Stephen Coates) 
 ((aradhana.aravindan@thomsonreuters.com; +65 6403 5659; Reuters 
Messaging: aradhana.aravindan.thomsonreuters.com@reuters.net)) 
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