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Announced today they will issue millions of shares to bond holders even they don' t approved in the coming EGM.......Take my shares no money for you! SGX approved this issue.....
SaveMe ( Date: 20-Oct-2016 17:14) Posted:
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is the trustee, DB International, fighting hard enough for them?
Perisai uses the same , DB International, and got no reasonable deal....
AusGroup and MarcoPolo Maine all settle for a win-win situation.
It is in some serious trouble if it cannot pay..may need to liquidate
Rickmers Maritime investors hit back with further legal action: http://splash247.com/rickmers-maritime-investors-hit-back-legal-action/
A letter of demand come loh, pay immediately or else see you in court.....do you think how ?....
granto ( Date: 18-Oct-2016 06:45) Posted:
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Rickmers Group moves to separate itself from trust as D-day looms: http://splash247.com/rickmers-group-moves-separate-trust-d-day-looms/
ANOTHER JES TO COME???
this one is seriously gg down to the doldrums
price looking interesting.
It is between a rock and a hard face..... no easy solution. What make sence will prevail.!!!
LPPL...I'm sure new load owner loan facility of $260.2m from a HSH syndicate to refinance most of the trust n outstanding debt will beanle to get hold of all the company asset when something goes wrong.
Leaving again nothing for unit holders as there is no guarantee n not knowing what cone during this 8 years. Lan lan.
Leaving again nothing for unit holders as there is no guarantee n not knowing what cone during this 8 years. Lan lan.
dragonboy76 ( Date: 08-Oct-2016 08:20) Posted:
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If approved, the restructuring would enable Rickmers Maritime to close a new secured amortising term loan facility of $260.2m from a HSH syndicate to refinance most of the trust&rsquo s outstanding debt.
If unit holders is paying nothing n can collect $1,250/- in cash. It should be approve cone Oct 31 meeting.
It only goes to show the debt is been handle over to a new n or another new load owner. It mean existing bond holders will get their money stuck for another 8 years.
If unit holders is paying nothing n can collect $1,250/- in cash. It should be approve cone Oct 31 meeting.
It only goes to show the debt is been handle over to a new n or another new load owner. It mean existing bond holders will get their money stuck for another 8 years.
In good day. It is OK to say take it or leave it.
Now mgt, it CEO N boss must also lead n act to.take equivalent to 60% hair cut.
Now mgt, it CEO N boss must also lead n act to.take equivalent to 60% hair cut.
teeth53 ( Date: 08-Oct-2016 07:41) Posted:
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Actually more and more bond getting default. It's partially fault of bondholders also. Greed play a large part due to high interest given and they should know gauge the risk before jump into it. They simply ignore the risk and in turn, create such a demand that cause more companies to issue bond to get $$$ from market
As for Rickmers marine, no guarantee things will turn around and bond be paid on time in 2023. Anything can happen. But guess bondholders unable to do anything much except to accept it. Balls squeezed.
As for Rickmers marine, no guarantee things will turn around and bond be paid on time in 2023. Anything can happen. But guess bondholders unable to do anything much except to accept it. Balls squeezed.
Bond holders should have known that buying bonds carries risk.
Apparently they refused to ackowledge the risks.
teeth53 ( Date: 08-Oct-2016 07:47) Posted:
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There is NO real solution n or road map to plan n explain how money is go to be properly vested n how holders can get their $250,000 incested money back in the first place.
Just telling...Ho. Hoho..I know units bond holders is disappointed...
teeth53 ( Date: 08-Oct-2016 07:41) Posted:
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This $1.250 is your money contributing to your ownself. n units holder will have to agree by Ost 31.
A 60% hair cut reduction in equity interest.If not. They will sort of sink the boat.
Such deal is so good in flavour of n for the boss , it CEO n key mgt with a take it or leave attitude.
Poo n Shit only, More shit n poo coming, ending in more deeper shit n poo.
Tempting an offer of $1,250 in cash give out for $250,000 vested payout in cash by holders.
Delaying payment notes paying due next May at 8.45% n shifting n kicking shit n poo further to 2023.
B4 bond holders vote - holders MUST 1st agree to 60% reduction in their equity interest come Oc 31 meeting.
teeth53 thot - when this $ in needed, everything is OK, it goes into boss n mgt pocket. Is like asking holders to come out with more money to poo.
granto ( Date: 07-Oct-2016 08:28) Posted:
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http://splash247.com/rickmers-maritime-tells-investors-put-wind/
Rickmers Trust Mgt, trustee-mgr of Rickmers Maritime, has called an extraordinary general meeting on October 31.
Noteholders will vote on revised proposal for restructuring of company&rsquo s debt. A 2-nd resolution to propose winding up of the trust if the note restructuring deal isn&rsquo t approved is also being put forward.
The revised plan being put to shareholders includes the issue 1.32bn new units as partial redemption of the S$100m 8.45% notes due in 2017.
Soeren Andersen, chief executive officer of Rickmers Trust Management, commented: &ldquo We understand that noteholders and unitholders are disappointed in this very difficult situation faced by Rickmers Maritime."
Rickmers is also putting up a resolution to wind up trust if restructuring isn&rsquo t approved, the trust will self-liquidate.
Point to note - &ldquo Liquidation is value-destroying option where stakeholders may recover the least amount or nothing at all. Particularly true for noteholders, who are unsecured creditors, and the trust&rsquo s owners, the unitholders.&rdquo
A special coupon payment of S$500k ($364.2k) would be payable to noteholders in event of a successful restructuring.
Rickmers Trust Mgt, Rickmers Holding, sponsor of trust n 34.2% stake, has undertaken to vote in favour of the plan.
If approved, the restructuring would enable Rickmers Maritime to close a new secured amortising term loan facility of $260.2m from a HSH syndicate to refinance most of the trust&rsquo s outstanding debt.
The new facility would extend the maturities of a large part of the trust&rsquo s secured bank debts to the first quarter of 2021, and include a moratorium on principal repayments under the existing facilities to the fourth quarter of 2016.
granto ( Date: 07-Oct-2016 08:28) Posted:
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Note holders should approve the swap...if not liquidation pain pain