Rickmers Maritime Singapore bond coupon payment default has no impact on the financing of Rickmers Holding and its subsidiaries
Hamburg, 18 November 2016 – On 15 November 2016 Rickmers Trust Management Pte. Ltd., in its capacity as Trustee Manager of Rickmers Maritime, Singapore, announced that Rickmers Maritime is not in a position to make the coupon payments due on 15 November 2016 to holders of the bond (ISIN NO. SG6QC6000001) issued by Rickmers Maritime.
This announcement and the default on coupon payments have no impact on the financing of Rickmers Holding AG and its subsidiaries:
• Rickmers Holding AG and its subsidiaries on the one hand and Rickmers Maritime on the other do not have any common financing structures; their sources of finance are fully separate from one another.
• Neither does the coupon-payment default on the bond issued by Rickmers Maritime trigger any Cross-Defaults or Events of Default under the terms of the financing structures of Rickmers Holding AG or its subsidiaries.
• Through the sale of all shareholdings in Rickmers Trust Management Pte. Ltd. on 17 October 2016 Rickmers Maritime is no longer controlled by Rickmers Holding AG. From this time forward the equity method will be used to include Rickmers Maritime in the Group’s consolidated financial statements as a shareholding in an associated company.
Moreover, the business activities of Rickmers Maritime on the one hand and the Rickmers Group on the other are completely separate from one another. From an overall Group perspective the Rickmers Group merely provides an insignificant volume of maritime services for the vessels operated by Rickmers Maritime. Furthermore there also is no operational impact on the vessels owned by Rickmers Group.
