Cecon announces meeting for holders of 11% callable and putable bonds

By Jennifer Chiou

New York, April 15 - Cecon ASA said it distributed a bondholders' meeting summons to request changes to its bond loan agreement for the 11% senior secured callable and putable bond issue due 2012.

The company said that the changes are requested in order to secure financing for all the remaining construction costs and expenses relating to the two vessels to which the loan relates.

On Jan. 30, the company said it would not be able to make the Feb. 5 interest payments. It had five days to remedy the missed payment, and Cecon's board, management and advisers were then working with Norsk Tillitsmann to evaluate the company's situation.

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

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