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By Jan Schwartz

German shipping firm
Rickmers filed for insolvency on Thursday, a day after its
largest lender HSH Nordbank rejected a restructuring
plan, the company said.

Rickmers is the most high-profile casualty in Germany’s
shipping sector and another example of the deepening turmoil in
a global container industry struggling with an oversupply of
vessels and sluggish trade growth.

Rickmers, which has 114 ships and employs about 2000 people,
had proposed a restructuring plan under which owner Bertram
Rickmers would cut his equity stake to 24.9 percent, giving
bondholders, HSH and potentially another bank 75.1 percent.

But the German company said late on Wednes…

Read the full article at: http://www.reuters.com/article/rickmers-restructuring-idUSL8N1IY2UE