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CECON ASA : Press release for Cecon ASA (the "Company")

The Company has over the last 4 months been subject to compulsory composition proceedings, during which time the Company has 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.
The board of directors of the Company has decided to notify the compulsory composition committee that the Company is unable to present a plan for a compulsory composition - whereby the compulsory composition committee will notify the same to the City Court of Aust-Agder and request that the Company is declared bankrupt.
The Company is a holding company and the companies it is invested in will continue its operations as prior to this.

For more information, please contact:
Riulf Rustad
Chairman of the Board
+47 90087703


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: CECON ASA via Globenewswire


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