Rickmers says it will file for insolvency

Shipping group Rickmers has said it will file for insolvency after bondholder HSH Nordbank “surprisingly” rejected Rickmers’ restructuring plan. Rickmers had proposed that the equity stake of owner Bertram Rickmers be reduced to 24.9%, while bondholders, HSH Nordbank and potentially another bank would hold 75.1%. HSH Nordbank rejected the proposal the day before the scheduled meeting, leading “Rickmers to say that “according to the assessment of the management board and supervisory board of Rickmers Holding AG the positive going concern prognosis of Rickmers Holding AG does therefore no longer apply”.