Cecon Heading for Bankruptcy

first_imgzoom Oslo-listed subsea contractor Cecon ASA has requested from a Norwegian court to declare it bankrupt having failed to present a restructuring plan.Over the last 4 months, Cecon has been subject to compulsory composition proceedings, during which time it explored all possibilities for a debt restructuring solution which would give the creditors of the company a minimum of 25% dividend over time.“Up until very recently, the company was working on a solution that, while being complex, was promising. However and due to recent and unforeseen events, the company’s cash balance (in Escrow against the Gdf contract ) was given to GdF against the company´s will and understanding of the Escrow terms. This has eliminated a very important building block in the restructuring solution,” Cecon said in a statement.As a result, the company’s  board of directors  has decided to notify the compulsory composition committee that Cecon is unable to present a plan for a compulsory composition – whereby the committee will notify the same to the City Court of Aust-Agder and request that the company is declared bankrupt.last_img read more

Nigeria Signs Off on Ibom Seaport Project

first_imgzoom Nigeria’s Federal Executive Council has formally approved the ongoing development of the Ibom Deep Seaport & Free Trade Zone in Akwa Ibom State. The country’s President Muhammadu Buhari granted approval for the development of the project, providing the port with the official status of a Free Trade Zone.The project is monitored by the Ministerial Project Development and Steering Committee (MPDSC).FEC approval paves the way for the upcoming Public-Private-Partnership (PPP) Concession tender by means of which international port investors and operators are identified and selected for the development.The Ibom Deep Sea Port & Free Trade Zone is a Greenfield port and FTZ development in Akwa Ibom State in southeast Nigeria.The port is projected to become a cargo gateway for the vast central and eastern Nigerian markets and beyond.Felak Concept Limited (Abuja, Nigeria) and MTBS (Rotterdam, The Netherlands) are the transaction advisors for the project.last_img read more