SINGAPORE (Oct 20): Singapore-listed Rickmers Maritime, a trust that operates container ships, said on Thursday it received a letter from a law firm informing it that some holders of a S$100 million bond want to take legal steps to enforce early repayment. Rickmers has been seeking holders' support to restructure the bond, maturing in 2017, in a bid to avoid potential liquidation amid a shipping downturn. Rickmers said it's "in the process of validating the contents of the letter", received on Wednesday from legal firm Rajah & Tann. According to Rickmers, the law firm said in the letter that the unidentified bondholders "wish to directly take such legal steps and actions against the trust to enforce repayment of the notes, together with accrued interest". Rickmers' struggles reflect the overall shipping market's slide, with South Korea's Hanjin Shipping Co filing for court receivership after losing the support of its banks.

Source: The Edge Markets October 20, 2016 08:37 UTC