Cecon seeks bondholder approval to extend maturity of tranche B2 bonds

By Marisa Wong

Madison, Wis., June 2 – Cecon Shipping 2 AS is seeking to amend its tranche B2 senior secured callable and putable bonds, issue 2013/2015 with warrants, according to a notice from bond trustee Nordic Trustee ASA.

The bonds are currently set to mature on June 15, 2015. Cecon is seeking a one-month extension of the maturity date to July 15, 2015.

The company is in the process of negotiating a restructuring of the bonds and wants to prevent a default on the bonds in the meantime.

Bondholders will vote on the proposed extension at a meeting to be held on June 16 in Oslo.

To approve the extension, bondholders representing at least two-thirds of the bonds represented at the meeting must vote in favor of the proposal.

In order to form a quorum, at least half of the bonds must be represented at the meeting.

Cecon Shipping is a shipping unit of Cecon ASA, a subsea installation contractor for the offshore oil and gas industry based in Arendal, Norway.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.