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Rickmers Trust Cleared to Sell Another Nine Ships to Navios

Rickmers Trust Cleared to Sell Another Nine Ships to Navios
Financially-troubled Rickmers Trust Management, Singapore-based trustee-manager of Rickmers Maritime, informed that the HSH syndicate, comprising HSH Nordbank and DBS Bank, has approved the sale of the remaining nine of fourteen vessels to Navios.

The ships, secured under the HSH Facility, will be sold to Navios Partners Containers and Navios Partners Containers Finance for USD 54 million plus an amount to support settlement of operational cash deficits to closing.

As explained, the proceeds from the sale of these nine vessels will be paid in full to the HSH syndicate as part settlement of the HSH syndicate loan.

“The sales of these nine vessels are expected to be completed in parts from July 12, 2017,” Rickmers noted.

As World Maritime News earlier reported, the sale of the nine ships, which was subject to HSH Syndicate’s approval, is part of the trust’s winding up process as the company is faced with liquidity issues.

The sale of the first five containerships was completed in late May.

“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 USD 27 million. This represents recovery of 11.4% pari passu to noteholders as well as senior lenders with remaining loans outstanding after repayment from the sales of their respective secured vessels,” Rickmers said in an update.

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