Cecon bondholders grant OK to extend tranche B2 bonds by one month

By Susanna Moon

Chicago, June 16 – Cecon Shipping 2 AS obtained the needed approval to amend its tranche B2 senior secured callable and putable bonds, issue 2013/2015 with warrants.

At the meeting held Tuesday, there were enough holders to form a quorum, and the proposed measure received 100% of the votes, according to a notice from bond trustee Nordic Trustee ASA.

Bondholders were asked to vote on a proposed extension of the bonds at the meeting held in Oslo.

As announced on June 2, the bonds were set to mature on June 15, 2015, and Cecon sought a one-month extension of the maturity date to July 15, 2015.

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

Bondholders representing at least two-thirds of the bonds at the meeting needed to vote in favor of the proposal.

In order to form a quorum, at least half of the bonds needed to 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.

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