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Breaking news: HSH Nordbank sends Rickmers into bankruptcy

Rickmer-Rickmers in Breaking news: HSH Nordbank sends Rickmers into bankruptcy

The ancient Rickmer Rickmers – a sign of better times

The Management Board of HSH Nordbank AG has surprisingly refused to approve the financial restructuring of the Rickmers Group – now the insolvency application follows.

To date, the Rickmers Group had worked out all agreed and necessary steps to prepare the restructuring, according to the Hamburg-based company.

The Executive Board of HSH Nordbank AG had nevertheless rejected the credit applications of the Rickmers Group and withdrew the approval of the principle agreement.

This means that the termsheet of April 19, 2017, on the basis of which the invitation to the bond issuers’ meeting was invited, could no longer be implemented. Since the positive continuation forecast was no longer applicable, an insolvency application had to be submitted immediately.

Source: pixabay, hansa-online.de