zoom 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.
Christmas is a time when we share our blessings and also to reach out to those who have touched our hearts and our lives. Christmas brings family and friends together to celebrate life. Give thanks to all your family members and friends for supporting your journey here at Brock University. We sometimes forget to give our appreciation to our loved ones and take for granted what they have done for us.May Christmas fill your life with peace and bring many successes for the New Year. May the true meaning of the Christmas season fill your heart and your homes with many wonderful blessings. Safe travels to everyone and light a candle for all who have gone to the spirit world and will not be with us this Christmas.– Chancellor Shirley Cheechoo