June 1, 2017 / 10:09 AM / 6 months ago

German shipping group Rickmers files for insolvency

HAMBURG, June 1 (Reuters) - German shipping group Rickmers said it had filed for insolvency on Thursday, a day after it announced that its restructuring plan had failed to win approval of bondholder HSH Nordbank.

“The insolvency application was filed this morning, and the court has confirmed that it has received it,” the company said in an e-mailed statement, adding that it could not yet predict further developments.

Rickmers had proposed a revamp plan under which the equity stake of owner Bertram Rickmers was to be reduced to 24.9 percent, while bondholders, HSH Nordbank and potentially another bank would hold 75.1 percent.

But it said late on Wednesday that HSH had “highly surprisingly” rejected that plan, forcing it to file for insolvency.

Reporting by Jan Schwartz; writing by Maria Sheahan; editing by Jason Neely

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