- As Thailand approves $258-million to purchase South Korean’s fighter jets
Financially-troubled Rickmers Trust Management, Singapore-based trustee-manager of Rickmers Maritime, informed that the HSH syndicate, comprising HSH Nordbank and DBS Bank, has approved the sale of the remaining nine of fourteen vessels to Navios.
The ships, secured under the HSH Facility, will be sold to Navios Partners Containers and Navios Partners Containers Finance for USD 54 million plus an amount to support settlement of operational cash deficits to closing.
As explained, the proceeds from the sale of these nine vessels will be paid in full to the HSH syndicate as part settlement of the HSH syndicate loan.
“The sales of these nine vessels are expected to be completed in parts from July 12, 2017,” Rickmers noted.
As World Maritime News earlier reported, the sale of the nine ships, which was subject to HSH Syndicate’s approval, is part of the trust’s winding up process as the company is faced with liquidity issues.
The sale of the first five containerships was completed in late May.
“After funding cash burn, operating expenses, and the settlement of costs associated with the winding up of the trust, unsecured creditors are expected to receive total proceeds of approximately USD 27
million. This represents recovery of 11.4% pari passu to noteholders as well as senior lenders with remaining loans outstanding after repayment from the sales of their respective secured vessels,”Rickmers said in an update.
In the meantime, Thailand’s cabinet on Tuesday approved 258 million dollars to purchase eight T-50 advanced jets from South Korea, Prime Minister Prayuth Chan-ocha said on Tuesday.
That was the latest defense acquisition by a military government that took power following a 2014 coup.
The military government has increased the defence budget every year since the coup, although most recent defence purchases have been Chinese, including a controversial deal for three submarines that provoked questions over its transparency.
Thailand’s defence ministry stressed that it was not buying exclusively from China and was still making purchases from other countries, including the U.S., an old ally.
“The cabinet approved the purchase of eight further jets in the second phase of a 2015 deal in which Thailand bought four jets from South Korea.
“We got the South Korean ones.
“You can see that we are not tied to one particular country,’’ Prayuth told reporters in Bangkok.
On Monday, the army said the deal was worth 8.8 billion baht (258 million dollars).
In June, Thailand’s army chief said that the U.S. had planned to sell four Black Hawk helicopters to Thailand after initially suspending their sale following the 2014 coup.
The U.S. has sold to Thailand military equipment worth more than 960 million dollars, including Black Hawk helicopters, air-to-air missile systems and multiple naval missile and torpedo systems, over the past decade.
Deputy Prime Minister Prawit Wongsuwan said the jets would replace the 20-year-old planes that were due to be decommissioned.
Additional report from World Maritime News
