At the Rickmers Maritime extraordinary general meeting held on Oct 31, unit holders approved two resolutions.
Resolution 1 was to approve the proposed issue of 1,319,434,076 new units, pursuant to the proposed restructuring of the notes. This will result in the note holders receiving 60 per cent of the enlarged total number of units.
The second resolution, the extraordinary resolution, was to approve the proposed winding up of Rickmers Maritime, in the event of an unsuccessful restructuring.
In essence, the proposal to note holders is 60 per cent equity in the company, and a $40 million coupon payment due in 2023, with a step-up interest from 2.7 per cent to 5.2 per cent to be paid from 2019 to 2023 and a special one-off $500,…
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