The Singapore-based Rickmers Maritime has come to a sitatuation where The choice is between restructuring the securities in the company to less than half their current value or shutting down.
So it has warned the investors that if its proposed debt restructuring plan is not approved by its noteholders, it could be headed for a potential liquidation or judicial management.
The shipping trust, has asked for clemency from its creditors regarding US$179.7 million of debt and a following $100 million of interest that it cannot pay, reported Bloomberg.
If Rickmers is unable to restructure, it could be liquidated or placed in court receivership, which would likely result in a total loss for noteholders.
The company is requesting …
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