Cecon secures investor LOISubsea contractor Cecon has secured a letter of intent with a Norwegian investor for potential investments in the company up to NOK 250 million. Cecon won't disclose who the investor is, but he is said to be a well known Norwegian investor familiar with the industry. - The potential investment is subject to several conditions including, but not limited to, satisfactory due diligence, removal of parent company guarantee in relation to the USD 100 million bond loan and approval from shareholders and relevant financial creditors, Cecon writes in a stock exchange release. In addition to this, the investment is assumed to be made if there is no financial indebtedness at the Cecon level. The company writes this will probably require that the bond loan worth USD 10 million issued by Cecon will have to be converted into equity.
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