- ISIN DE000A1TNA39
- Land Deutschland
Rickmers Holding AG i.I.
Board of HSH Nordbank AG has surprisingly denied approval of the term sheet regarding the financial restructuring of the Rickmers Group; Rickmers Holding AG strives for restructuring in self-administration on the basis of continuation of the business and vessel operations
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Rickmers Holding AG / Key word(s): Bond NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. Disclosure of inside information Board of HSH Nordbank AG has surprisingly denied approval of the term sheet regarding the financial restructuring of the Rickmers Group; Rickmers Holding AG strives for restructuring in self-administration on the basis of continuation of the business and vessel operations On 19 April 2017, Rickmers Holding AG reached an understanding with, inter alios, HSH Nordbank AG on a term sheet regarding the restructuring of material financial liabilities of the Rickmers Group that was subject to corporate approval of HSH Nordbank AG and contingent on the restructuring of the bond 2013/2018 issued by Rickmers Holding AG (ISIN: DE000A1TNA39 / WKN: A1TNA3) (“Rickmers Bond”). Until today, Rickmers Group has accomplished all agreed and required steps to prepare the restructuring (in particular consisting in presenting a restructuring opinion certifying a positive restructuring prognosis, reaching commercial agreement with all other financing banks, and obtaining positive binding tax rulings for the debt-push-up structure). Notwithstanding, HSH Nordbank AG has highly surprisingly informed Rickmers Holding AG that the board of HSH Nordbank AG has rejected the credit applications of Rickmers Group and denied approval to the term sheet dated 19 April 2017 and rejected further negotiations of the restructuring. As a result, the term sheet of 19 April 2017, on the basis of which the bondholders’ meeting was convened, cannot be implemented anymore. According to the assessment of the management board and supervisory board of Rickmers Holding AG the positive going concern prognosis of Rickmers Holding AG does therefore no longer apply. The management board of Rickmers Holding AG is forced to file for insolvency without undue delay. The management board of Rickmers Holding AG strives for restructuring in self-administration, on the basis of continuation of business and vessel operations. The management board and supervisory board of Rickmers Holding AG have initiated corresponding preparations. For the second bondholders’ meeting scheduled for tomorrow, i.e. 1 June 2017, registrations for more than Euro 100 million of the bond nominal (approx. 37% of the outstanding bond nominal) have been received, and, according to the current status, a high ratio of approval of the proposed restructuring concept is apparent. The second bondholders’ meeting scheduled for tomorrow, 1 June 2017, will now resolve exclusively on the election of the joint representative of the bondholders. Contact: Rickmers Holding AG Sabina Pech Senior Vice President Corporate Communications & Investor Relations Phone: +49 40 389 177 0 E-mail: info@rickmers.com Information and Explanation of the Issuer to this News: About the Rickmers Group The Rickmers Group is an international service provider in the maritime transport sector and a vessel owner, based in Hamburg. In the Maritime Assets segment the Rickmers Group is active as Asset Manager for its own vessels and also for those of third parties. The Group initiates and coordinates shipping projects, organises financing and acquires, charters and sells ships. In the Maritime Services business segment the Rickmers Group provides shipmanagement services for its own vessels as well as for those owned by third parties; these services comprise technical and operational management, crewing, newbuild supervision, consultancy and insurance-related services. Press enquiries: Kirchhoff Consult AG The material set forth in this announcement is for informational purposes only and does not constitute an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the Securities Act), or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold within the United States except pursuant to an exemption from the registration requirements of the Securities Act and any applicable securities laws of any state or other jurisdiction of the United States. No public offering of securities will be made in the United States. The material set forth in this announcement does not constitute an offer of securities for sale in any jurisdiction in which such an offer or solicitation is unlawful. No public offering of securities will be made in any member state of the European Economic Area.
31-May-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| Language: | English |
| Company: | Rickmers Holding AG |
| Neumühlen 19 | |
| 22763 Hamburg | |
| Germany | |
| Phone: | +49 40 389177 0 |
| Fax: | +49 40 389177 500 |
| E-mail: | info@rickmers.com |
| Internet: | www.rickmers.com |
| ISIN: | DE000A1TNA39 |
| WKN: | A1TNA3 |
| Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Open Market in Frankfurt |
| End of Announcement | DGAP News Service |