Disgruntled Rickmers Maritime bondholder seeks to block fleet sale to Navios

The shipping industry had pretty much come to terms with the demise of Singapore-based container shipowner Rickmers, which had its financial restructuring opposed by bondholders and subsequently had to wind up its trust and sell its fleet to Greek shipowner Navios. However, an eleventh-hour court action in Singapore by one bondholder is seeking to block the sale. This report, from Seatrade, describes how the case is likely to prolong Rickmer creditors’ quest to get their money back.