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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 £50.9m
Position in Universe th / 6215

Rickmers schedules new bondholder vote on revamp plan

Thu 11th May, 2017 4:24pm
FRANKFURT, May 11 (Reuters) - German shipping group Rickmers 
    * Only 17.4 percent of Rickmers' bondholders took part in a 
vote on the company's restructuring plan on Wednesday, fewer 
than the minimum required. Of those present, a majority voted in 
favour of the plan 
    * At the next vote on the revamp plan in early June, at 
least 25 percent of bondholders must be present 
    * Under the proposed revamp plan, the equity stake of owner 
Bertram Rickmers would be reduced to 24.9 percent from 100 
percent. Bondholders, HSH Nordbank and potentially another bank 
would hold 75.1 percent 
    * Rickmers' loss more than doubled to 341 million euros in 
2016, on sales of 483 million euros, due to overcapacity in the 
market and decreasing freight rates 
Some bondholders had criticised the proposed restructuring 
scheme as disadvantageous for bondholders  urn:newsml:reuters.com:*:nEQ9JZsHP 
 (Reporting by Arno Schuetze; Editing by Susan Fenton) 
 ((frankfurt.newsroom@thomsonreuters.com; +49 69 7565 1270)) 
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