Rickmers Group unveils restructuring plan

The Hamburg-based maritime services provider’s owner, Bertram Rickmers, could see his stake reduced to 24.9 percent under the deal.    A restructuring of Hamburg-based shipowner and breakbulk ship operator Rickmers Group could reduce the ownership stake in the company by its chairman from 100 percent to 24.9 percent, the company said.
   Bertram R. C. Rickmers, the chairman and founder of Rickmers Group, is prepared to reduce his stake in Rickmers Holding AG in order to enable key creditors (such as HSH Nordbank AG), the bondholders and possibly one further bank, to acquire a total stake of 75.1 percent in Rickmers Holding AG as part of the restructuring plan.
   He has also agreed to make a cash contribution of 10 million euros (U.S. $10.75 million) to relieve the Rickmers Group from a shipyard liability of a further $10 million, to waive licensing fees up to the end of the first quarter of 2021, and to procure a back-up loan facility of up to a further 10 million euros for possible future liquidity requirements of Rickmers Holding AG.
   This comes on top of 13 million euros he already contributed to Rickmers Holding AG in 2016.
   The announcement comes in the wake of Rickmers Group affiliate, Singapore-based ship lessor Rickmers Maritime, saying last week it would be wound up after defaulting on loans.
   Rickmers Holding said it has “reached an understanding on a term sheet regarding the restructuring of material financial liabilities of the Rickmers Group,” but said the deal is still subject to corporate approvals of creditors and contingent on restructuring of a bond issued by Rickmers Holding.