German shipowner Bertram Rickmers is ready to cede control of Rickmers Holding to banks and bondholders as it seeks to restructure debt in tough markets.

The company said it had reached a deal with lenders over the financial liabilities of the Rickmers Group, subject to creditor approvals and restructuring of a five-year bond due in 2018.

"The envisaged restructuring is to enable reorganisation of the Rickmers Group on the basis of contributions of all relevant stakeholders, ie in particular the sole shareholder Bertram R.C.