Injunction to block sale of Rickmers ships to Navios withdrawn

Meanwhile, the Hamburg-based shipping company on Wednesday published a lengthy question and answer document explaining the firm’s plans to restructure its debt.    A noteholder who was seeking to halt the sale of the fleet of Rickmers Maritime to Navios Maritime Partners has ended that effort, Rickmers said in a statement.
   The Singapore-based firm said it was served with a summons last Friday by Kwok Kian Tow Peter, who was seeking to stop the sale, but that the application for an injunction was withdrawn on Wednesday.
   Navios said last month it would pay Rickmers Maritime approximately $113 million for 14 panamax-size containerships.
   The company also announced last week it is creating a new company, Navios Maritime Containers, that will own the Rickmers ships and become a “growth vehicle dedicated to the container sector of the maritime industry.”
   Meanwhile, Hamburg-based Rickmers Holding AG on Wednesady published a lengthy question and answer document explaining the company’s plans to restructure its debt.
   “The declining revenues from the operating business as well as the associated fall in EBITDA and operating cash flow have led to a situation in which the Rickmers Group can no longer service its debt under the terms of its current financing and is therefore obliged to restructure, in particular the terms of its debt,” the document says.