Rickmers Schedules Bondholder Vote on Revamp Plan
German shipping group Rickmers said:
- 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
Reporting by Arno Schuetze