Cecon to Request Further Extension on Interest Payment
Cecon has distributed a bondholders meeting summons to request a further extension of the waiver of the interest payment until April 5, 2009. This waiver is a direct consequence of yesterday's announcement of the US $200 term sheet received by Cecon from Export Development Canada ("EDC"). Cecon and EDC are working with the aim to complete the loan documentation by the end of February/early March.
The loan agreement with EDC will need to be finalized in order for Cecon to be able to draw on the facility. This will most likely require some adjustments of the Bond Loan to synchronize the Bond Loan with in order to fit the EDC facility. Cecon will summon another bondholders meeting to ask for acceptance of such adjustments as soon as possible.
- Cecon Secures LOA for Subsea Installation in W. Africa (Oct 06)
- Cecon Enters LOI with Potential Investor (Jul 27)
- Cecon to Assess Newbuilding Program (Mar 15)