Rickmers Pact with Commerzbank AG
Financially-strapped Rickmers Maritime has entered into a deed of consent with Commerzbank AG, Singapore Branch, reports Reuters.
Rickmers Trust Management Pte. Ltd., the holding Trustee, has entered into a memorandum of agreement for sale of "India Rickmers" vessel securing CMB facility. The deed in relation to a settlement of senior loan facilities is extended by CMB to a subsidiary of trust.
CMB has agreed to waive repayment of a material portion of remaining debt owed under CMB facility following partial prepayment.
Meanwhile, Rickmers has set 21 December as the date for its crucial adjourned bondholders meeting.
Bondholders are due vote on a controversial financial restructuring package which Rickmers Trust Management says may result in the trust’s liquidation if not approved.