DGAP-News

RASCHKE VON KNOBELSDORFF HEISER Dienstleistungsgesellschaft mbH runs for office as common representa-tive of the bondholders of Rickmers Holding AG - Seite 2

In order to counteract the challenging market conditions the Management Board of Rickmers Holding AG launched a bundle of operative and financial restructuring measures which aim to strengthen the liquidity and earnings position of Rickmers Group and to reconfigure its debt side. The planned financial restructuring comprises contributions by the shareholder of Rickmers Holding AG, Mr. Bertram R. C. Rickmers, as well as by the financial creditors of Rickmers Group, i.e. the company's banks, a shipyard and the bondholders.


With regard to the bondholders the restructuring concept provides for a payment of the bond interest on 11 June 2017 for the interest period until 10 June 2017 (8,875 %) which is subject to the condition that a common representative is appointed and the restructuring concept gets approval by the bondholders' meeting. All further liabilities of Rickmers Holding AG under the corporate bond shall - amongst proportionate liabilities towards HSH Nordbank AG and a possible further creditor of Rickmers Holding AG - be assumed in the course of an assumption of debt by a corporate vehicle yet to be founded and registered in Luxembourg, i.e. in the legal form of a limited liability company (S.à r.l.) or public limited company (S.A.) ("LuxCo"). Rickmers Holding AG would hereby be replaced by LuxCo as issuer of the corporate bond and debtor of the other liabilities incurred by Rickmers Holding AG.


Further, as part of an increase in the shareholders' capital of Rickmers Holding AG, LuxCo is expected to acquire 75.1% of the shareholders' capital of Rickmers Holding AG and the the bondholders' payment claims against LuxCo under the corporate bonds shall be satisfied by an envisaged sale of these shares. Following deduction of costs, fees and taxes the remaining proceeds to be paid by LuxCo will probably be distributed proportionally to the bondholders, HSH Nordbank AG and the possible further creditor as follows:

 

- bondholders: minimum 57.6 %

- HSH Nordbank AG: minimum 36.1 %

- possible further creditor: maximum 6.3 %

The proportional distribution described above could still change, as the fundamental planning data and calculations for the value recovery based on restructuring contributions still requires final approval and verification.