Rickmers Trust Management Pte. Ltd., in its capacity as trustee-manager of Rickmers Maritime has entered into a deed of consent with Commerzbank AG, Singapore Branch in relation to a settlement of senior loan facil ities extended by CMB to a subsidiary of the Trust, the company said in its press release.
In connection with the debt settlement, the Trustee -Manager has entered into a memorandum of agreement for the sale of the “India Rickmers” vessel securing the CMB Facility. The net proceeds from the sale will be applied towards the partial repayment of the CMB Facility and subject to the completion of the sale of the vessel and the satisf action of certain conditions, CMB has agreed to waive the repayment of a material portion of the remaining debt owed under the CMB Facility following the partial prepayment.