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Trustee-Mger - impracticable to continue the Trust
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granto
Master |
16-Aug 07:18
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Creditors get just 12 cents in the dollar as Rickmers Trust winds up http://splash247.com/creditors-get-just-12-cents-dollar-rickmers-trust-winds/ | ||||
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HazardKoh
Master |
26-Jul-2017 16:19
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nam cheong shareholders also facing same problem.. if oil dun recover to at least $80 within the next 2 years, gone case
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granto
Master |
26-Jul-2017 15:30
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Final day&rsquo s trading on the SGX for bust Rickmers Maritime http://splash247.com/final-days-trading-sgx-bust-rickmers-maritime/ | ||||
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dyingcat
Veteran |
21-Jul-2017 08:35
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SGX basically do nothing to protect minor investors. Sad for uniholders - lost all n those bondholders who agreed to restructure - lost 89%
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granto
Master |
21-Jul-2017 08:30
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Singapore Exchange approves Rickmers Maritime&rsquo s delisting http://splash247.com/singapore-exchange-approves-rickmers-maritimes-delisting/ | ||||
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granto
Master |
26-May-2017 11:22
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Rickmers Maritime completes initial sale of five vessels to Navios http://splash247.com/rickmers-completes-initial-sale-of-five-vessels-to-navios/ | ||||
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dyingcat
Veteran |
17-May-2017 20:45
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Sad to hear that. Don't know if Rickmers let him redeem his notes and 私 了 。
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granto
Master |
17-May-2017 19:53
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Rickmers Maritime investor withdraws bid to halt fleet sale to Navios: http://splash247.com/rickmers-maritime-investor-withdraws-bid-halt-fleet-sale-navios/ | ||||
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MarcPh
Senior |
15-May-2017 07:29
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&ldquo Bondholders were treated very roughly&rdquo in recent cases, said Lee Ka Shao, a former hedge fund manager who now runs a family office in Singapore. &ldquo If bondholders are not in the know, they could be easily ran over because there is no platform for them to group and there is no process for going through a fair restructuring.&rdquo https://www.bloomberg.com/news/articles/2016-10-03/singapore-millionaire-77-joins-bondholders-uniting-in-workouts |
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HazardKoh
Master |
14-May-2017 21:25
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Rickmers Trust Management Pte. Ltd., in its capacity as trustee- manager (the &ldquo Trustee- Manager&rdquo ) of Rickmers Maritime (the &ldquo Trust&rdquo ), wishes to announce that it was served at the close of business on Friday 12 May 2017 with an originating summons from a single individual noteholder (the &ldquo Plaintiff&rdquo ), Mr. Kwok Kian Tow Peter, holding S$250,000 of the above Notes seeking an injunction to stop the sale of the vessels owned by the Trust to Navios Partners Containers Inc. and Navios Partners Containers Finance Inc. which was announced on 21 April 2017 (the &ldquo Navios transaction&rdquo ). The hearing is fixed for Monday morning on 15 May 2017. The Plaintiff has not previously communicated with the Trustee- Manager as to this matter and the injunction application was completely unanticipated by the Trust. The Trustee- Manager is of the view that the injunction application is wrongful and seriously jeopardises the unsecured creditors&rsquo partial recovery of their investment. Under the terms of the trust deed establishing the Notes (&ldquo Notes Trust Deed&rdquo ), only the Notes Trustee namely DB International Trust (Singapore) Limited can take legal action on behalf of the noteholders. The Plaintiff has by- passed the Notes Trustee in making this application on his own and in doing so, he has violated the terms of the Notes Trust Deed. This is unprecedented in the history of the bond market in Singapore and, if allowed, will disrupt the bond market processes, negate its longstanding legal foundations and open up a floodgate for individual noteholders to commence disruptive legal action on their own, completely disregarding the terms of the Notes Trust Deed. In his application for the injunction, the Plaintiff also seeks to be exempted from an undertaking as to damages to be provided to the court in case the injunction is found to be wrongful. This is highly unorthodox and would seriously and irreparably harm the orderly winding up process of the Trust if the injunction is to proceed against all known norms. The Trustee- Manager has continuously engaged noteholders and through emails, meetings and SGX announcements explained all the necessary steps taken in the failed attempt to restructure the debt of the Trust. The original restructuring proposal that was presented to the noteholders clearly explained that if the restructuring proposal was rejected by noteholders, there was little likelihood of any repayment to the unitholders or the noteholders. Notwithstanding the transparency of the process, and its consequences, the noteholders voted to reject the consent solicitation on 21 December 2016. While the Trustee- Manager has made all reasonable efforts to find investors to salvage the Trust after the rejection of the restructuring proposal by the noteholders, it was not able to do so, due to the uncertainty of the noteholders supporting any subsequent proposals for debt reduction. As the Trust is suffering an acute illiquidity situation and can obtain no sustainable relief or additional financing to cover cash burn on laid- up, idle and spot trading vessels, it had no other options but to proceed with the sale of its assets without delay in order to avoid liens and vessel arrests which would be highly damaging to both secured and unsecured parties. The Navios transaction, the value of which is supported by independent, third- party valuations, was the only deal on the table that was imminently executable, thereby addressing the illiquidity of the Trust. At the same time, the transaction monetizes future value up- front that may, in a disorderly or protracted wind- up, be otherwise substantially reduced. Such sale, assuming it closes within a reasonable amount of time (as is expected), will result in up- front cash recoveries, soon after closing, of approximately between 8 percent to 10 percent to unsecured creditors payable through an escrow arrangement comprising of some US$20 million from the sales proceeds and cash on hand, to the extent said cash is not used to settle vessel payables and wind- up costs. The recoveries to the unsecured creditors will be further reduced if there is further delay in the completion of the vessels sale because a majority of these vessels are continuously burning cash for their operations which only aggravates already existing operational accruals. The manner in which the injunction is being sought, without relief for damages available to the Trust, places the Trust and its unsecured creditors (including noteholders) in an untenable position, as the Trust does not have cash to fund operations, and cannot dispose of assets either. The likely outcome of this situation, if not resolved, is liens and vessel arrests, with potential resulting cargo claims, distressed disposals and extensive legal costs. Therefore, the Trustee- Manager will be resisting the injunction application vigorously. The Trustee- Manager urges all secured creditors to remain calm and abide by current reservation of rights arrangements and to specifically not foreclose on the Trusts&rsquo assets until this matter is resolved as such foreclosures could potentially be value destroying to both secured and unsecured creditors. The Trust will be unable to repay the principal of the Notes, nor interest, due 15 May 2017. The Trustee- Manager will provide further update announcements on SGXNET, or via the creditors&rsquo respective agents and Notes Trustee, as appropriate. By Order of the Board of Rickmers Trust Management Pte. Ltd. as Trustee- Manager of Rickmers Maritim
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MarcPh
Senior |
14-May-2017 17:56
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Mr Kwok appears to be the right man. Source: https://www.bloomberg.com/research/stocks/people/person.asp?personId=54017565& privcapId=12617492 Kian Tow Kwok, Peter, BA, MA (University of Cambridge) serves as an Executive Director of Endeavor Capital Partners Pte Ltd., a private equity venture capital and corporate advisory firm, based in singapore. Mr. Kwok has experience in turnaround of companies, mergers and acquisitions, portfolio management, property investments and in countries including Singapore, Malaysia, Vietnam and china.
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dyingcat
Veteran |
14-May-2017 17:31
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I support this noteholder if he voted for restructuring last Dec. If he didn't do this, he may not get anything back. We, uniholder, 一 盘 散 沙 , don't know know to defend our own rights and benefits. That's y sgx bears no responsibility despite many scandals n misleading nav leading to suspension or bankruptcy of listed companies here. In the end, only minor stakeholders like us suffer tens of thousands of hard earned money. | ||||
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HazardKoh
Master |
14-May-2017 16:59
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Yes, but the secured creditors will not be happy, think they will fight the delay... Delay means rickmers will be burning cash with losses after losses and see the value of the vessels dropping and droppin UNLESS miracle happens and the vessel suddenly worth more. So in the end, shareholders and noteholders thinking since we are down, we make sure secured creditors go down with us by delaying :)
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MarcPh
Senior |
14-May-2017 16:56
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The sales of shipping assets will leave almost zero dollar for the noteholders and shareholders, the payout goes to the secured creditors, legal fees and payment of penalty interests. Filing an injunction for the sales of shipping assets, gives the shareholders and noteholders another chance.
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HazardKoh
Master |
14-May-2017 16:45
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The bond holder holds only $250k of bond and he is delaying Rickmers sales of the vessels. First, rickmers is making losses, the longer this drags on, the more $$$ rickmers is burning. 2nd, the buyer may just walk away with no other buyers, then rickmers will be stuck. In the end, all parties die. So this bondholder is dragging all parties down. :) hahaha.. good or bad?
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MarcPh
Senior |
14-May-2017 15:16
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Good sharing Veteran, it is obvious that the shipping assets are being offloaded at distressed prices. Actually it is getting more complicated. Even Rickmers Maritime' s manager Rickers Group is going to force their bondholders to bear the brunt of restructuring in a vote scheduled two weeks later. Imagine the possibility of the Trustee-Manager becoming defunt in 2H17. So kuodos to Rickmers Maritimes' bondholder Mr Peter, Kowk Kian Tow, to seeking injunction for the fleet sale. This gentlemen knows his rights and stuff - I salute him. 
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granto
Master |
14-May-2017 14:54
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Rickmers Maritime investor seeks injunction to stop fleet sale to Navios http://splash247.com/rickmers-maritime-investor-seeks-injunction-stop-fleet-sale-navios/ | ||||
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beginners
Veteran |
21-Apr-2017 13:24
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They are not the loser of RM. unlike us. Now confirm windup nothing to talk about Liao. Only can suck thumb.
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HazardKoh
Master |
21-Apr-2017 10:11
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They owe banks secured loans of $270M, they only sell for $113M, how are they going to pay those unsecured loans?
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granto
Master |
21-Apr-2017 09:48
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Rickmers Maritime wind up process sees Navios take entire fleet for $113m http://splash247.com/rickmers-maritime-wind-process-sees-navios-take-entire-fleet-113m/ |
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