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Singapore Exchange approves Rickmers Maritime's delisting

Singapore Exchange approves Rickmers Maritime's delisting
Rickmers Maritime, the failed boxship leasor of Bertam Rickmers, will be delisted from the Singapore Exchange (SGX), 10 years after its IPO, back when shipping trusts were all the rage in the Lion Republic.

With Rickmers Maritime beign wound up following massive losses, its manager has sought to delist with shareholders braced for a big loss.

Rickmers Maritime claimed in a release the trust the trust is unable to make a reasonable exit offer to unitholders, and that no net cash proceeds will remain for distribution to unitholders following the disposal of the property of the trust, repayment of borrowings to its secured creditors and unsecured creditors and retention of certain, unspecified amounts permitted under the trust deed constituting the trust.

''[U]nitholders will not receive any recovery or distribution in connection with the winding up of the Trust,'' the comapny stressed in a release.

The bust company also said there was not chance of any corporate rehabilitation.

SGX for its part said it had no objection to the proposed delisting. A date for Rickmers Maritime exit from the SGX will be announced shortly.

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