Shipping trust firm Rickmers’ investors demand bond repayment asap

Noteholders are stating their desire to take legal steps.

Beleaguered Singapore-based shipping trust Rickmers Maritime announced that it has already received a letter from lawyers representing a group of bondholders demanding for the immediate payment of their share of the $100m notes which the trust is trying to restructure.

The noteholders stated their desire to take legal steps and actions against the trust to enforce repayment of bonds due next year.

More so, the letter said that the notes trustee DB International Trust (Singapore) LTd. has "failed to institute any action against the issuer."

This came after some holders of the firm’s $100m of 8.45 percent notes due in May 2017 sought accelerated repayment last month, as Rickmers proposed a debt restructuring plan to help avoid potential liquidation or judicial management.

Read more here.