Rickmers plan was never going to fly, says banker

Several factors led HSH Nordbank to conclude that a restructuring plan for Rickmers Holding “just doesn't fly”, German banking sources say.

A stalling containership market, fears of a political backlash ahead of a pending privatisation of HSH Nordbank, and concerns that owner Bertram Rickmers was seeking to regain control may all have played a part, it is suggested.

But the simplest explanation is that Rickmers’ most powerful creditor had reached the end of its tether with the German shipping company it has supported over many years.