Cecon runs into problem with its credit lineNews // January 20, 2009
Cecon in Norway, which has a number of offshore construction vessels building at Davie Yard in Canada says it has received a notice of cancellation on its US$200 million senior secured credit facility from participating lenders, and DnBNOR Bank ASA as agent.
The notice was given claiming Cecon was in breach of covenants in the loan agreement.
Said Cecon: "As a result, the Board of Directors will actively consider and pursue all available strategic and financing options."
Cecon has retained First Securities and Pareto Securities as financial advisors to assist in reviewing all options open to the company.