Cecon to Receive Refund Guarantees for Newbuildings at Davie Yards

On December 17, Cecon was informed that Export Development Canada ("EDC") will grant refund guarantees towards all remaining pre-delivery installments for Cecon’s three new buildings at Davie Yards in Quebec, Canada. The refund guarantees related to Cecon amounts to approx. US $160 million.

The issuing of refund guarantees is a central condition in Cecon’s agreements with Davie Yards and Bergen Group, and a condition precedent for the US $200 million first priority bank loan. Consequently, yesterday’s announcement is an important milestone towards completing the refinancing and restructuring of Davie Yards and resuming normal operations in Cecon’s newbuilding program.

 

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Hydraulic Pump Technician
Expertise: Maintenance Technician|Mechanic|Mechanical Technician
Location: Houston, TX
 
Client Representative, QA/QC, Auditor, Expediting - IA
Expertise: QA / QC / Inspection|Quantity Surveying|Technical Writing
Location: Des Moines, IA
 
Client Representative, QA/QC, Auditor, Expediting - IL
Expertise: Client Representative|QA / QC / Inspection|Surveying
Location: Peoria, IL
 
search for more jobs

Brent Crude Oil : $53.87/BBL 0.48%
Light Crude Oil : $50.73/BBL 0.79%
Natural Gas : $3.33/MMBtu 2.14%
Updated in last 24 hours