Lender wants more assurance from Rickmers

Rickmers Maritime Trust has until 15 April 2017 to propose a better plan.

HSH Nordbank AG has clarified that notwithstanding active and on-going discussions with Rickmers Maritime Trust, it has not accepted any specific proposal from the Trust for debt forgiveness or any other terms as of 21 March 2017.

"HSH has granted the Trust until 15 April 2017 to present a concept that ensures a higher level of total recoveries than under a Trust winding-up scenario," said Trustee-manager Rickmers Trust Management in an update on discussions in relation to the existing loans extended by HSH to the Trust.

To recall, the Trustee-manager held discussions on 7 March 2017 with HSH, its largest senior lender, to ascertain whether HSH's financial adviser had secured a credible alternative restructuring proposal.