Rickmers Holding AG: Preliminary Distribution to bondholders - delay

Munich, 03 Juni 2019

Dear bondholders,

Since the payment of the preliminary distribution of 20 December 2018 has not yet taken place and a further short delay unfortunately cannot be avoided, we apologise and would like to explain this as follows:

For legal and tax reasons, it is necessary to determine the correct individual payout amounts as well as the distribution of these between the nominal amount and the accrued interest. In determining these values, we are dependent on information from the insolvency administrator. This information relates in particular to the breakdown of the receivables from the bond determined in the insolvency table. Initially, the insolvency administrator determined only a lump sum of € 250 million out of € 306.0 million registered, so that it was initially not apparent which claims were disputed by the insolvency administrator and which claims had been determined.

It was not until the end of March 2019 that we received information from the insolvency administrator on the individually disputed claims from which we calculated the corresponding claims determined in the insolvency table (the holders of the disputed claims are informed, unless you have been contacted separately by us, you are not affected by this). As a result, we sent the instructions for the distribution process and the relevant documents to registered bondholders on 2 April 2019. In calendar week 21, we received a further letter from the insolvency administrator detailing and quantifying the claims identified in the insolvency table. The amounts stated in this letter unfortunately contradict the claims previously communicated as established and must now again be discussed and clarified with the insolvency administrator at short notice.

Since we have largely completed the preparation and audit process and wanted to begin with the payments in calendar week 21, we have refrained from reporting water levels in the meantime. We apologize for this. We are currently endeavouring to resolve the differences with regard to the established insolvency claims as quickly as possible and will continue with the disbursement process as soon as possible. Until then, please be patient and thank you for your understanding.

If you have any questions, please do not hesitate to contact us at any time.


One Square Advisory Services GmbH
Theatinerstr. 36
80333 Munich


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