On 19 April 2017, Rickmers Holding AG agreed a term sheet for the restructuring of key financial liabilities of the Rickmers Group. The term sheet is still subject to corporate approvals of the creditors and contingent on the restructuring of the corporate bond in the amount of EUR 275 million. The envisaged restructuring is to enable the reorganisation of the Rickmers Group on the basis of contributions from all relevant stakeholders.
The Rickmers Group is an international service provider in the maritime transport sector and a containership owner with a global customer base. The Group, with its head office in Hamburg, operates a fleet of 114 vessels (as at 31 December 2016).
Gleiss Lutz is advising the Rickmers Group extensively on its financial restructuring. This includes the restructuring of bank debt and the complex restructuring of the bond debt by way of a “debt push-up”. Gleiss Lutz is also advising the Rickmers Group on an ongoing basis on all corporate, insolvency, capital market and tax-related issues in connection with the restructuring.
The Rickmers Group is being advised by a Gleiss Lutz team headed by Dr. Urszula Nartowska (lead, partner, corporate/M&A, Hamburg), Dr. Matthias Tresselt (lead, partner, restructuring, Stuttgart) and Dr. Kai Arne Birke (lead, partner, banking and finance, Frankfurt). The team also includes Dr. Stefan Mayer (partner, tax, Frankfurt), Dr. Johann Wagner (partner, tax, Hamburg) and Dr. Andreas Spahlinger (partner, restructuring, Stuttgart).
Kirsten Gronau (general counsel) and Markus Heischmann (deputy general counsel) from Rickmers Holding AG’s in-house legal team are also advising the transaction.
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