October 18 - In light of persistently difficult conditions in the shipping industry, the Rickmers Group has sold all of its shares in Rickmers Trust Management to Brick Holding International Invest.

As the managing vehicle of the trust, Rickmers Maritime, Rickmers Trust Management is no longer a subsidiary of Rickmers Holding - despite the holding company maintaining a 34.2 percent share in the trust.

On October 31, an extraordinary general meeting will be held by Rickmers Trust Management, at which noteholders will vote on a revised proposal for the restructuring of the company's debt.

According to media reports, if this revised proposal is not approved by the parties involved, the trust risks being put into liquidation.