Cecon: Creditor payments uncertain; clawback claims being investigated

By Caroline Salls

Pittsburgh, March 16 – Cecon ASA said it is uncertain if any dividend payments will be made to its creditors in connection with its bankruptcy proceedings.

According to a company news release, Cecon’s estate will conduct further investigations into possible clawback claims. The company said the estate has so far detected three transactions that may be subject to clawback, and a settlement was reached with one of the recipients at the end of February.

As of Feb. 17, 40 claims had been filed against Cecon totaling NOK 2,086,335,810. This amount includes 1,936,306,732 in secured claims, NOK 150.01 million in unsecured claims and NOK 19,435 of claims with the least priority. The largest creditor is bond trustee Nordic Trustee ASA.

The company had a NOK 5.16 million bank balance as of Feb. 17.

Cecon is a subsea installation contractor located 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.