"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. The management board of Rickmers Holding AG is forced to file for insolvency without undue delay," the Hamburg-based shipping company said, according to American Shipper.
Rickmers Holding said that on April 19, it had reached an understanding with HSH Nordbank and other persons on a term sheet regarding the restructuring of material financial liabilities of the Rickmers Group that was subject to corporate approval of the bank as well as restructuring a five year bond due June 11 of next year.
"Notwithstanding, HSH Nordbank AG has highly surprisingly informed Rickmers Holding AG that the board of HSH Nordbank AG has rejected the credit applications of Rickmers Group and denied approval to the term sheet dated 19 April 19 2017 and rejected further negotiations of the restructuring," the company said.
Rickmers had said in a document explaining that the bond restructuring was needed because the shipping industry "has now been in crisis for eight years."
With global trade below levels seen in previous years, intensive newbuilding order activity, "vessel charter-rates, which represent a main source of income for charter-fleet operators such as the Rickmers Group, have come under pressure once again considerably particularly in the course of 2016-2017."
According to its website, at the end of 2016 Rickmers had 114 vessels with a combined capacity of 424,791 TEU "in asset management at maritime assets and/or operating management at maritime services."
Rickmers Holding said that on April 19, it had reached an understanding with HSH Nordbank and other persons on a term sheet regarding the restructuring of material financial liabilities of the Rickmers Group that was subject to corporate approval of the bank as well as restructuring a five year bond due June 11 of next year.
"Notwithstanding, HSH Nordbank AG has highly surprisingly informed Rickmers Holding AG that the board of HSH Nordbank AG has rejected the credit applications of Rickmers Group and denied approval to the term sheet dated 19 April 19 2017 and rejected further negotiations of the restructuring," the company said.
Rickmers had said in a document explaining that the bond restructuring was needed because the shipping industry "has now been in crisis for eight years."
With global trade below levels seen in previous years, intensive newbuilding order activity, "vessel charter-rates, which represent a main source of income for charter-fleet operators such as the Rickmers Group, have come under pressure once again considerably particularly in the course of 2016-2017."
According to its website, at the end of 2016 Rickmers had 114 vessels with a combined capacity of 424,791 TEU "in asset management at maritime assets and/or operating management at maritime services."