File photo: Rickmers Maritime

Rickmers to Sell its Last 9 Vessels to Navios

By Aiswarya Lakshmi!!!

HSH syndicate, comprising HSH Nordbank and DBS Bank, has approved the sale of the remaining nine of 14 vessels of Singapore-based Rickmers Trust Management for some $54 million to Navios Partners Containers and Navios Partners Containers Finance.

The total consideration will also include an amount to support settlement of operational cash deficits to closing, said Rickmers Trust Management in an update on the winding up of Rickmers Maritime.
The sales of these nine vessels are expected to be completed in parts from July 12, 2017, Rickmers said. The sale of the first five containerships was completed in late May.
The vessels are secured to the HSH syndicate and as the total proceeds from the sale fall below the loan outstanding due and payable, the proceeds will be paid in full to the syndicate as part settlement of the loan.
After funding cash burn, operating expenses and the settlement of costs associated with the winding up of the Trust, unsecured creditors are expected to receive total proceeds of approximately $27 million.
This represents recovery of 11.4 percent pari passu to noteholders as well as senior lenders with remaining loans outstanding after repayment from the sales of their respective secured vessels.
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