Cecon to miss Feb. 5 interest payment

By Caroline Salls

Pittsburgh, Jan. 30 - Cecon ASA will not be able to make the Feb. 5 interest payments due Feb. 5 on its existing bond loan, according to a company news release.

The company said it has five days to remedy the missed payment, and Cecon's board, management and advisers are working with Norsk Tillitsmann to evaluate the company's situation.

A bondholders meeting is expected to be held shortly, according to the release.

Cecon is an independent subsea installation contractor located in Arendal, Norway.

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