The collapsed German shipping group Rickmers Holding will be liquidated after it emerges from its court self-administration process.
Bondholders representative One Square Advisory Services told TradeWinds: "The consequence from the application for the termination of the self-administration is that there won’t be an insolvency plan and the insolvency proceedings will commence as regular insolvency proceedings.
"The company won’t continue business after the liquidation of the remaining assets (which are non-material)."
The board has applied for the termination of self-administration at Hamburg local court.
The core shipmanagement business was sold to Zeaborn Group and former controlling shareholder Bertram Rickmers last year.
"The sales price by far exceeded the expectation of the main creditors," One Square said.
In coordination with the financing banks, all vessels - boxships and bulkers - avoided follow-up insolvencies and arrests, it added.
The board has now suggested appointing current court custodian Jens Soeren-Schroeder as insolvency administrator.
Rickmers filed for insolvency on 1 June last year after HSH Nordbank rejected a restructuring plan that had been put to creditors and bondholders. This would have seen Bertram Rickmers relinquish control.
Faced with about EUR 700m ($810m) of debt, most of it linked to financing of EUR 500m for five 13,500-teu containerships, the bank’s board opted to cut its losses.
By September, Bertram Rickmers had teamed up with Zeaborn Group to buy the shipmanagement division in a deal that secured its future.
The duo won a bidding process for Rickmers Holding's global operation.
The price was given at the time as "double-digit millions".
