Rickmers Maritime’s trustee-manager to roll out new units amid restructuring

It’s trying to raise $60m with 1.32b new units.

Singapore-based shipping trust Rickmers Trust Management Pte., the trustee-manager of Rickmers Maritime, is seeking to issue new units in the trust to slash obligations amid escalating debt woes in the industry and city-state spread, according to a report by Bloomberg.

The trust proposed to issued 1.32b new units to raise $60m (US$44.4m), and pay down a $100m debenture poised to mature in May 2017. Further, it plans to swap the remaining $40m of the securities into new notes maturing in 2023, Bloomberg stated.

This comes hot on the heels of the trust’s announcement last week that it was seeking leniency from creditors on roughly US$253m of debt due in 2017 to evade potential liquidation or judicial management.

Read the full report here.