April 19, 2017 / 8:55 PM / 4 months ago

BRIEF-Rickmers Holding reached understanding on term sheet regarding restructuring of material financial liabilities

April 19 (Reuters) -

* Bertram Rickmers also prepared to reduce his stake in Rickmers Holding AG from 100% to 24.9% in order to enable key creditors to buy total stake of 75.1% in Rickmers Holding AG as part of restructuring plan

* Understanding reached on the cornerstones of the financial restructuring of the Rickmers group, subject to creditors' corporate approvals and restructuring of the Rickmers bond

* Reached an understanding on a term sheet regarding restructuring of material financial liabilities of rickmers group

* Bertram Rickmers to procure back-up loan facility of 10 million euros for possible future liquidity requirements of Rickmers Holding AG

* As contribution to restructuring, under term sheet Bertram Rickmers undertakes to make a cash contribution of eur 10 million

* Bertram Rickmers undertakes to relieve Rickmers group from a shipyard liability of a further $10 million

* Bertram Rickmers undertakes to waive licensing fees up to end of q1 2021 Source text for Eikon:

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