Rickmers Maritime Trust (RMT) will meet bondholders on 9 November in a bid to secure approval to restructure a SGD 100m ($73.5m) bond due to mature in May 2017.
It wants to redeem SGD 60m of the bonds with new shares, extend the maturity of the remaining SGD 40m to November 2023 and amend the interest payable on the bonds.
“The container shipping market is going through the most pronounced cyclical downturn ever, severely affecting us and preventing us from fully meeting our contractual obligations to our bondholders,” said Soeren Andersen, chief executive of RMT’s trustee manager.
“We
