Rickmers risks sinking while shipping mends

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By Victor Jimenez
11 May 2017

A recent improvement in the prices that shipping companies command may have come too late for bondholders of Rickmers, the 183 year-old Hamburg shipping company. They are set to endure losses as the borrower attempts to make it to 184.

On Monday, Bertram Rickmers, chairman of the company’s supervisory board, agreed to a €1.5bn debt restructuring plan that may lead to the Rickmers family, which owns all of the company, giving up 75.1% of its stake in Rickmers Holding in favour of HSH Nordbank — the group’s largest ...

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