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Rever, Cecon secure holder approval to amend bond loan agreement
By Susanna Moon
Chicago, Dec. 20 - Rever Offshore AS and Cecon Shipping 2 AS held meetings Friday to seek holder approval for three series of bonds.
The companies sought to amend Rever's tranche A senior secured callable and putable bonds 2013/2014; Cecon's tranche B senior secured callable and putable bonds 2013/2014; and Cecon's tranche B2 senior secured callable and putable bonds 2013/2015.
There were enough holders to form a quorum, and the measure received 100% of the votes, according to a notice by Norsk Tillitsmann ASA, the trustee.
The company announced the bondholder meetings on Dec. 5 to ask approval to amend the bond loan agreement as a condition of the restructuring of financing for Hull 718.
The Norwegian ship-owning companies previously said they needed approval from holders representing at least half of each series of bonds.
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