Cecon secures approval for refinancing planCompany News // October 18, 2010
The board of directors of Cecon in Norway has resolved to approve a proposed term sheet negotiated between a bondholder group representing the largest bondholders and certain shareholders in the company to refinance and restructure the company's outstanding indebtedness.
A number of shareholders in the company, including management, have signed an undertaking to support and vote in favour of the term sheet.
Cecon's CEO Terje Tellefsen said: "This is a very good day for Cecon. We can now focus on retaining the position Cecon historically has had in the offshore construction market."
"The markets that Cecon operates in look quite strong for the coming years and we are well positioned to take advantage of this. This also gives us the ability to seek a solution around the completion of the vessels under construction in Canada."
"Cecon is back on track with this agreement," Mr Tellefsen concluded.