Rickmers Maritime, the bankrupt charter ship owner, raised an extra $4 million as it closed on the sale of its remaining nine container ships.
The Singapore-based company is selling the classic Panamax vessels to New York Stock Exchange-listed Navios Partners for $59 million, up from the $54 million previously announced.
All proceeds from the sale, net of the outstanding operational expenses from the sale, have been paid to the HSH Nordbank-led syndicate, Rickmers Maritime’s senior lenders.
The higher sale prices means Rickmers’ unsecured creditors, HSH Nordbank, Commerzbank, and DB International Trust, have received $28.9 million, or 12.1 cents on the dollar, up from $27 million, or 11.4 cents previously.
Navios Partners initially acquired five Rickmers vessels for $59 million in late April, a little over a week after the company announced it was winding up its operations after failing to win support from its creditors and bondholders for a refinancing of its debts.
Rickmers was hard hit by the opening of the enlarged Panama Canal in June 2016, which enabled vessels up to 13,500 TEU to transit the waterway, resulting in a sudden and steep slump in charter rates and employment prospects for its fleet of 3,450- to 4,250-TEU ships.
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Source: JOC
