12 July 17 The Business Times by ANITA GABRIEL
THE trustee manager of Rickmers Maritime said that the HSH Nordbank-led syndicate has given the nod for the sale of the remaining nine vessels for some US$54 million to Navios Partners Containers Inc and Navios Partners Containers Finance Inc.
The sales of the nine vessels are expected to be completed in parts from July 12.
This will complete the plan to sell its 14-strong fleet to Navios as part of the winding up of the trust as it follows an earlier sale in May of five vessels for US$59 million.
The total consideration of the nine vessels will also include an amount to support settlement of operational cash deficits to closing, said Rickmers Trust Management in an update on the winding up of Rickmers Maritime.
The vessels are secured to the HSH syndicate and as the total proceeds from the sale fall below the loan outstanding due and payable, the proceeds will be paid in full to the syndicate as part settlement of the loan.
After funding cash burn, operating expenses, and the settlement of costs associated with the winding up of the trust, unsecured creditors are expected to receive total proceeds of some US$27 million. This represents a recovery of 11.4 per cent pari passu to noteholders as well as senior lenders with remaining loans outstanding after repayment from the sales of their respective secured vessels.
The five vessels that were sold earlier were secured under senior loan facilities extended by a BNP-led banking syndicate.
The trustee manager had received US$24.7 million from the proceeds of that earlier sale which was placed in an escrow account for distribution to unsecured creditors, after the settlement of costs associated with the winding-up of the trust.
In addition, a buyer-related entity had assumed the secured loan of the BNP facility and, consequently, the trust was released from its obligations to the BNP syndicate which amounted to US$34.3 million.