Cecon subsidiaries granted extension of bond payment grace period

By Caroline Salls

Pittsburgh, May 18 - Cecon ASA subsidiaries Cecon Shipping I AS and Cecon Shipping 2 AS have received an extension to the grace period for making the May 4 interest payment on their 11% senior secured callable and putable bonds, according to a news release.

Specifically, the grace period was extended to May 21 from May 18.

Trustee Norsk Tillitsmann ASA said the extension will allow discussions with bondholders and maintain stability at the company.

Cecon ASA is the guarantor of the bonds.

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

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