Rickmers Group has warned bondholders that the company will face insolvency if they do not vote in favour of financial restructuring plans.
Should the noteholders not consent to the proposed resolutions, this would presumably result in the insolvency of Rickmers Holding, the company said in a Q&A on its bond restructuring.
Should Rickmers be declared insolvent unsecured claims would be met only to the amount of the insolvency quota. Rickmers said that insolvency specialists Brinkmann & Partner the best case scenario for insolvency would see bondholders being paid less than the amount of the 8.875% interest payment due on June 11 that they would certainly receive if the proposed authorisation was given.
Last week Rickmers failed to hit the r…
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