Singapore: Rickmers Maritime to shut operations after failing to reach deal with lenders

Visual from Rickmers Maritime website

Rickmers Maritime, a Singapore-listed trust that operates container ships, said it would be wound up after it was unable to reach an agreement with its lenders to restructure its debt or raise new equity.

Rickmers said its failure to repay some debt obligations and various breaches in loan covenants cast material uncertainties on its ability to continue as a going concern.

“This situation places the trust in a situation of aggravated and unsustainable illiquidity going forward,” it said in a statement on Wednesday.

The trust had flagged the going concern risk last year.

Rickmers joins other Singapore-listed companies that have struggled with debt over the last year. In March, oilfield services firm Ezra Holdings Ltd filed for U.S. Chapter 11 bankruptcy.

Singapore banks, which were caught off-guard by the collapse of oilfield services company Swiber Holdings last year, have taken a hit as companies in the offshore and marine sector restructure debt.

“In light of the aggravated illiquidity and lack of new investors, the trustee-manager opines that it is impracticable to continue the trust and that it shall therefore be wound up,” Rickmers said.

Also Read: Singapore-listed Ezra files for US bankruptcy as marine debt crunch spreads

Swiber to wind up, biggest Singapore casualty of oil slump

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.