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.
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