Beleaguered Singapore shipping trust Rickmers Maritime has until 15 April to present a revised restructuring plan to its main financier HSH Nordbank.

The trust is in discussions with HSH Nordbank on forgiveness on its existing loans but said the bank had not so far accepted any specific proposal.

“Further, HSH has granted the Trust until 15th April 2017 to present a concept that ensures a higher level of total recoveries than under a Trust winding-up scenario,” Rickmers Trust Management said in a statement to the Singapore Exchange.

Rickmers Maritime SGD100m notes mature in May this year and last December noteholders rejected a proposed financial restructuring, and no viable alternative has been presented to date raising the spectre of the trust being wound-up.

Source: seatrade-maritime.com