GERMANY's HSH
Nordbank
has rejected the latest restructuring proposal from Singapore-based container
ship owner, Rickmers Maritime.
The
bank said it would support an "orderly winding-up" of the trust
unless it can secure "significant" loan "forgiveness" from
its bondholders and an injection of equity to achieve a recovery that would be
higher than its liquidation.
In
return, the company's leading lender said it may be willing to consider a
"material debt forgiveness" of existing loans, IHS Media reported.
"The
trustee-manager is currently in discussion with its advisers to formulate a new
framework for restructuring the liabilities of the Trust and intends to present
such new restructuring proposals to its creditors and noteholders when it has
been finalized," Rickmers Maritime said in a statement.
Rickmers'
proposal to restructure SGD$100 million (US$70.8 million) 8.45 percent notes
due to mature in May 2017 was rejected by a 67 per cent majority at a meeting
of investors in December.
Source
: HKSG.
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