Chitchat Rickmer Maritime Almost Bankrupt and Its BOD is Lee Hsien Yang wife Lee Suat Fern

SINGAPORE (BLOOMBERG) - A Singapore-listed shipping trust that operates container ships is asking creditors for leniency on about US$253 million (S$344.8 million) of debt, in the latest sign of debt woes in the industry and in the city-state.

Rickmers Maritime won't be able to repay US$179.7 million of bonds due in March 2017 and the interest and principal on S$100 million of notes due in May 2017, it said in an investor presentation filed to the Singapore Exchange on Thursday (Sept 15).

http://www.rickmers-maritime.com/board.html

Mrs Lee Suet Fern is an Independent Director of the Trustee-Manager. She was appointed a member of the board of directors in February 2007. She is the Chairman & Managing Partner of Morgan Lewis Stamford LLC (formerly Stamford Law Corporation); her practice focuses on mergers and acquisitions, equity and debt capital markets and corporate finance. Mrs Lee has been involved in many of Singapore's most significant corporate transactions and has been named a leading practitioner in numerous global professional publications.

I've got a car group buddy who works there as VP. FT who drives a GTR. Seems they pay very good bonuses.

Narong Wongwan said:

Seems they pay very good bonuses.

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Not as good as at Teamasick. Guess which of Familee's daughters-in-law earns more: Buy-High-Sell-Low or Lee Suet Fern?

NaturalAristocratNoHeart said:

Not as good as at Teamasick. Guess which of Familee's daughters-in-law earns more: Buy-High-Sell-Low or Lee Suet Fern?

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Lee clan so lucky. All daughter in laws so capable, know how to earn money help pay for milk powder!

The compulsiveness for gambling away others money is strong.

Narong Wongwan said:

I've got a car group buddy who works there as VP. FT who drives a GTR. Seems they pay very good bonuses.

Click to expand...

That is why bankrupt is not the right word to use. The virtual cow with what has been pumped in has been well sucked dry and if the cow skin cannot be filled with more milk. New cow skin and pump milk in lah

gingerlyn said:

SINGAPORE (BLOOMBERG) - A Singapore-listed shipping trust that operates container ships is asking creditors for leniency on about US$253 million (S$344.8 million) of debt, in the latest sign of debt woes in the industry and in the city-state.

Rickmers Maritime won't be able to repay US$179.7 million of bonds due in March 2017 and the interest and principal on S$100 million of notes due in May 2017, it said in an investor presentation filed to the Singapore Exchange on Thursday (Sept 15).

http://www.rickmers-maritime.com/board.html

Mrs Lee Suet Fern is an Independent Director of the Trustee-Manager. She was appointed a member of the board of directors in February 2007. She is the Chairman & Managing Partner of Morgan Lewis Stamford LLC (formerly Stamford Law Corporation); her practice focuses on mergers and acquisitions, equity and debt capital markets and corporate finance. Mrs Lee has been involved in many of Singapore's most significant corporate transactions and has been named a leading practitioner in numerous global professional publications.

Click to expand...

Was she sacked from Wong Partnership by Wong Meng Meng??

Dear brothers and sisters,
Rickmers is going to bankrupt.
will Rickmers BOD help?
Investor action could spell the end for Rickmers Maritime
http://splash247.com/investor-action-spell-end-rickmers-maritime/

Rickmers Trust Management, the Singapore-listed trustee-manager of Rickmers Maritime, has announced that it has been served with a “notice of acceleration” today by law firm Rajah & Tann, claiming to be acting for more than 25% of holders of its S$100m 8.45% notes due in May 2017.

Rickmers says that if the letter from Rajah & Tann can be verified to represent at least 25% of note holders, and if any event of default specified in “Condition 9” of the terms and conditions has occurred, then the notes could become immediately due and repayable.

Earlier in the month Rickmers said it was close to liquidation, admitting it is unable to repay the interest and principal on the S$100m notes.

The notice could be the final straw for the trust, which owns a fleet of 16 panamax boxships. Its first proposed debt restructuring plan was rejected by investors and a revised proposal looks dead in the water should this latest note holder action be successful.

“The letter received by the Trustee-Manager does not provide any details as to which of the events of default is being relied upon, nor any evidence that the requisite threshold of 25 per cent has been met. In addition, the Trustee-Manager has not received any notice from the Notes Trustee that the Notes are immediately due and payable,” Rickmers said in a statement this evening.

Will they paint "OWE $$$ PAY $$$" on the wall?

Will they splash paint on front door?

If not, why not? Why poor man in HDB kena but fat cats don't huh?

Bond holders lost more than share holders now.