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.



Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Lead I&E Technician
Expertise: Instrumentation Technician
Location: Lafayette, LA
Lead Mechanic
Expertise: Mechanic
Location: Lafayette, LA
Mechanical Design Support Engineer
Expertise: Design Engineer
Location: Anchorage, AK
search for more jobs

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours