Rickmers Maritime fails to pay $4.26m bond interest

It seeks immediate trading suspension.

Rickmers Maritime announced that it is unable to pay the interest payment of S$4.26mn due on the Interest Payment Date occurring on 15 November 2016 under the Notes.

The Trustee-Manager has a grace period of 5 business days from 15 November 2016 to make the interest payment, failing which it constitutes an Event of Default under the Notes, the occurrence of which is likely to affect the Trust’s ability to continue as a going concern.

As a result of cross default and/or cross acceleration clauses contained in the loan agreements to which Rickmers Trust Management a party, Rickmers Maritime will also be in default
under such loan agreements.

Rickmers Trust Management is currently in discussions with its senior lenders to obtain standstills and/or waivers in respect of its obligations under the existing senior loan facilities.