Rickmers Group has filed for bankruptcy, however 
the leading German ship owner and manager is eyeing fresh moves to ensure its survival.
The company said it had submitted an application for insolvency under self-administration to the Hamburg District last week “with the aim of restructuring.”
The application, prompted by leading lender HSH Nordbank’s rejection of its planned financial restructuring, applies only to the holding company Rickmers Holding AG, and does not affect its operating businesses — in particular Rickmers Ship Management Hamburg and Singapore — which are operating normally.
“Business and shipping operations are continuing,” Rickmers said.
“The aim of the executive board is to work out a new restructuring solution together with creditors and making use of the tools of insolvency laws.”
Rickmers’ bank lenders, bondholders, and its 2,170 workforce are being represented by a temporary committee of creditors.
The Hamburg-based company operates a fleet of 114 ships, including 80 container vessels with an aggregate capacity of just short of 425,000 TEU.
Rickmers owns 21 container ships, including eight 13,600-TEU units, nine multi-purpose vessels, and two car carriers.
The privately-owned company, which was founded in 1834, is said to have amassed debts of nearly 1.5 billion euros ($1.7 billion), with the bulk owed to HSH Nordbank and Unicredit.
Rickmers posted a loss of 341 million euros in 2016 up from 135.5 million euros in the previous year as it was hard hit by slumping charter rates, particularly for container ships, and lower vessel employment.
joc.com
