Rickmers Maritime defaults on interest payment for $100 mil note due Nov 15; suspends trading

SINGAPORE (Nov 15): Rickmers Maritime's trustee-manager announced that it will default on the interest payment of its $100 million note due Nov 15 and will suspend trading of its shares immediately.

Rickmers Trust Management is currently in discussions to obtain standstill or waivers for its obligations due to the cross default and potential cross acceleration clauses in loan agreements.

At the last meeting on Nov 9 with noteholders on consent solicitation was adjourned due to lack of quorum and will be reconvened at earliest Nov 23 and latest Dec 21 at a time and place to be determined.

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