Rickmers’ Investors Demand Prompt Bond Repayment
Singapore-based shipping trust Rickmers Maritime announced that it has already received a letter from lawyers representing a group of bondholders demanding for the immediate payment of their share of bonds, reports Bloomberg.
The development comes after some holders of the firm’s S$100 million ($72 million) of 8.45 percent notes due in May 2017 sought accelerated repayment last month, as the operator of container ships proposed a debt restructuring plan to help avoid potential liquidation or judicial management.
The letter said that the trustee DB International Trust (Singapore) Ltd. has “failed to institute any action against the issuer,” according to a statement Thursday from Rickmers.
The letter said that the notes trustee DB International Trust (Singapore) LTd. has "failed to institute any action against the issuer."