The trustee of Rickmers Maritime said on Wednesday that the container ship operator would be winding down its business after failing to reach an agreement with creditors that would allow it to continue operating, the Wall Street Journal reported today. Rickmers Trust Management Pte. Ltd. said that a lack of liquidity and new investors had caused the company to conclude it is “impracticable to continue.” The trustee also said there is a potential buyer for Rickmers’ assets, which could allow the company to make a cash distribution to unsecured creditors, but cautioned that no deal has been finalized. Rickmers’ unitholders aren’t likely to recover anything, the trustee said. Rickmers originally had hoped to reorganize and in December sought approval from bondholders to restructure bond debt of 100 million Singapore dollars ($71.5 million), which would have allowed it to also restructure its secured bank debt with a new $260 million loan.
