Rickmers Maritime Trust (RMT) is getting closer to default as it failed to make an interest payment due today.
The containership company said it was unable to repay SGD 4.26m ($3m) under its SGD 100m notes due in 2017.
If the company fails to make the interest payment during the grace period of five business days starting from today, it will default under the terms of the notes.
A meeting with bondholders is expected to be held between 23 November and 21 December.
The latest meeting between the company and bondholders last week failed to attract the 75% threshold needed to establish a quorum.
RMT said discussions with senior lenders to obtain standstills and waivers in respect of its financial obligations are currently ongoing.
