Troubled Rickmers Maritime Sells Vessel

Rickmers Trust Management Pte. Ltd. (RMT), trustee-manager of Singapore's Rickmers Maritime, Thursday announced the sale of the vessel Kaethe C. Rickmers to secure senior loan facilities extended by HSH Nordbank AG, Singapore Branch and DBS Bank Ltd (HSH Syndicate).

RMT says Rickmers Maritime will report an impairment loss of about $31.6 million for the fourth quarter of 2016 in relation to the vessel sale.

RMT bondholders rejected a major debt restructuring proposal at a December 21 meeting. The company's trustee manager had previously said that if bondholders did not approve the financial restructuring package through their votes, RMT's liquidation could result.