Cecon ASA applies for debt restructuringCompany News // December 16, 2014
"This is done in the best interest of all stakeholders due to the company not having sufficient liquidity to fence of for some creditors submitting bankruptcy petitions," said Cecon. "The creditor protection is necessary to establish a moratorium for a final settlement with all creditors to the company."
Cecon said the creditors in question are primarily Dutch companies and the claims originates from an original claim against Cecon NL BV (a 100 per cent owned Dutch Subsidiary) where Cecon ASA was guarantor on some claims.
A final settlement between the Dutch subsidiary (currently an Estate) and its client Gaz De France have not been reached yet. Variation orders raised by the client amount to a larger amount than the sum the project creditors have presented to Cecon NL BV.
Said Cecon: "Other subsidiaries of Cecon ASA are/will be continuing their normal operations and the effect of the above will not have an impact on these companies as long as same companies are self-provided related to financing."