Rickmers has filed for insolvency after it announced a restructuring plan had failed to win approval of bondholder HSH Nordbank.
The German shipping company, a 114-vessel charterer and owner of container, dry bulk and Ro-Ro ships, announced in a company email that the insolvency application had been filed and that the court had received it.
It added that it could not predict any further developments.
Rickmers had planned to reduce the equity stake of owner Bertram Rickmers to 24.9%, while bondholders, HSH Nordbank and potentially another bank would hold 75.1%.
But the damage of net debts reaching US$1.5 billion has finally taken its toll, as the company stated late on Wednesday (May 31, 2017) that HSH had rejected the plan and forced it to file for insolvency.