The arrangement provides for creating a new holding company, LuxCo, which would take over a bond and part of the loan from HSH Nordbank. LuxCo would also become the majority shareholder, with a 75.1 percent interest, and a joint representative would be authorized to sell those shares to recoup funds for Rickmers' creditors. It is based on the assumption of additional relief from other creditors, including the deferral of repayments, the release of pledged funds and a reduction of interest margins. According to VesselsValue, Rickmers Group is presently worth $740 million. Its fleet is mostly made up of smaller container vessels, with 35 ships ranging in size from Feedermax to New Panamax, and it also has has two vehicle carriers and four MPPs. Over the last year its fleet value has fallen by about one third, reflecting the oversupply and slow demand growth of the market. It sold the business operations of its Rickmers-Linie division to Zeaborn in February.