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Cecon secures loan extension
Published 25.05.2010 11:32:03 by John Bradbury
Subsea contractor Cecon has been granted a further extension period for the repayment of interest on a US $100 million bond loan which was due on 4 May.Creditor Norsk Tillitsmann has given Cecon a period of extended grace until 28 May to come up with the necessary cash to service the debt on the $100 m bond loan, or face being held in default of the loan.
Originally Cecon took out the bond loan on 30 April 2007 with Cecon acting as loan guarantor for its two subsidiaries, Cecon Shipping 1 AS and Cecon Shipping 2 AS.
In a letter released by Cecon today, loan trustee Norsk Tillitsmann says it has agreed to give Cecon an extended period of grace until 28 May, saying the decision has been taken to allow further discussion with the bondholders “..and to maintain stability at the company.”
For the fourth quarter last year Cecon, based in Arendal, Norwayy, reported a loss of NKr 1,113 million ($188.59 m).
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