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Completion Of The Winding Up Of Rickmers Maritime

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by August 29, 2017 General

Rickmers Trust Management Pte. Ltd., in its capacity as trustee-manager (the “Trustee-Manager”) of Rickmers Maritime (the “Trust”) refers to the announcement dated 15 August 2017 in relation to the final distribution made to the unsecured creditors of the Trust in connection with the winding up of the Trust.

The final distribution to the unsecured creditors of the Trust, in accordance with the final distribution statement reviewed by Pricewaterhouse Coopers LLP, was completed on 15 August 2017. The equivalent payments, representing a recovery of about 12.1% to all unsecured creditors of the Trust, have been made. There will be no further distributions or payments, cash or otherwise, to the unsecured creditors of the Trust, including the holders of the S$100 million 8.45 per cent. notes due 2017 (the “Notes”). The outstanding amount due on the Notes has been paid to the Notes Trustee, DB International Trust (Singapore) Pte Limited. This represents the final payment on the outstanding notes to the Notes holders and the Trust has been wound up as of 16 August 2017. The Notes Trustee will be making arrangements with CDP to credit the relevant distribution amount to each Note holder based on the records of CDP.

The winding up of the Trust has been completed and consequently, the units of the Trust and the Notes shall cease to exist. Accordingly, the Notes will also be delisted from the Singapore Exchange Securities Trading Limited with effect from 9.00 a.m. on 30 August 2017.


Source: Rickmers Maritime

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